SEPT 2 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 333 , S2 RS 326
R1 RS 340 , R2 RS 348
PREFER SHORTS AT RS 338 TO 338.50
STOP LOSS RS 341
TARGET RS 333.
Natural gas for October delivery was at $7.55 per million
British thermal units, down 5 percent, while October
gasoline was at $2.7584 a gallon, down 3.4 percent.
Gustav's winds slowed to about 75 miles per hour
(120 kilometers per hour) at 7 p.m. local time, nine hours
after the storm came ashore, the National Hurricane
Center said.
As much as 20 percent of oil and gas production that was shut
because of Hurricane Gustav may be restored by this weekend,
Louisiana's Governor Bobby Jindal said yesterday at a
press conference in Baton Rouge, Louisiana.
The governor earlier called for the federal government to release
oil from the country's strategic petroleum reserves.
Workers from more than 70 percent of the platforms and
rigs in the Gulf were evacuated as Gustav approached,
according to the U.S. Minerals Management Service.
About 1.3 million barrels a day of oil and 7.06 billion
cubic feet of gas was shut, all of the area's offshore oil
output and 95 percent of gas production.
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