SEPT 30 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 4585 , S2 RS 4520
R1 RS 4665 , R2 RS 4725
STAY SHORT AT RESISTENCE.
Oil Extends Biggest Drop in 7 Years on Rejection of Rescue Plan .
Crude oil extended its decline in New York after falling
the most in almost seven years yesterday as U.S. lawmakers
rejected a $700 billion financial rescue plan, raising concern
demand for commodities will drop.
Crude oil for November delivery fell as much as $2.54, or
2.6 percent, to $93.83 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$94.04 a barrel at 3:05 p.m. Singapore time.
Prices have declined 35 percent from the record $147.27
reached on July 11 and have fallen 32 percent this quarter,
the first quarterly drop since the end of 2006. Oil has
plunged 11 percent the past three days, the most since
Dec. 3, 2004.
Yesterday, oil fell $10.52, or 9.8 percent, to $96.37 a barrel,
the biggest slide in percentage terms since Nov. 15, 2001, and
the largest dollar decline since Jan. 17, 1991, when U.S.-led
forces expelled Iraq from Kuwait. Crude closed yesterday
at the lowest since Sept. 16.
U.S. stocks plunged and the Standard & Poor's 500 Index
tumbled the most since the 1987 crash after House rejected
the bailout package. The Dow Jones Industrial Average slid
778 points in its biggest point drop ever as $1.2 trillion in
market value was erased from U.S. equities.
Brent crude oil for November settlement tumbled as much as
$2.61, or 2.8 percent, to $91.37 a barrel on London's ICE
Futures Europe exchange at 3:01 p.m. Singapore time.
Futures yesterday dropped $9.56, or 9.2 percent, to
$93.98 a barrel.
Tuesday, September 30, 2008
Monday, September 29, 2008
UPDATES ON SEPT 29 2008
SEPT 29 MONDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4880 , S2 RS 4830
R1 RS 4980 , R2 RS 5030
WAIT FOR CONFIRMATION.
Demand is weak in the industrialised countries
and in the short term further weakness may set in .
The leading indicators point to an economic slow down in
the region .
OPEC supplies are likely to be stressd because of
problems in Nigeria , while Sausi Arabia may scale
down output.
The market has the potential to move either way and
indeed the upward and downward risk are fairly balanced
at present.
Expect prices to stabilise between $ 90 mand $ 110 a
barrelIn the mefium term demand is expected to
pick up as the US dollar gain strength.
Crude may then stabilise above $ 100 a barrel.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4880 , S2 RS 4830
R1 RS 4980 , R2 RS 5030
WAIT FOR CONFIRMATION.
Demand is weak in the industrialised countries
and in the short term further weakness may set in .
The leading indicators point to an economic slow down in
the region .
OPEC supplies are likely to be stressd because of
problems in Nigeria , while Sausi Arabia may scale
down output.
The market has the potential to move either way and
indeed the upward and downward risk are fairly balanced
at present.
Expect prices to stabilise between $ 90 mand $ 110 a
barrelIn the mefium term demand is expected to
pick up as the US dollar gain strength.
Crude may then stabilise above $ 100 a barrel.
Sunday, September 28, 2008
UPDATDES ON SEPT 27 2008
SEPT 27 SATURDAY
Crude slides as bail out deal comes undone.
US Crude oil futures tumbled on Friday on the
failure of Washington to cobble together a bail out
deal even as another bank Domino toppled.
On the New York Mercantile Exchange ay 9.37 am
EDT (1337 GMT) , November crude was down $ 2.82 or
2.61 % at $ 105.20 a barrel trading from $ 104.25 to
$ 108.11.
In London Brent Crude fell $ 2.30 or 2.2 % to $ 102.30
a barrel trading from $ 101.20 to 103.77.
Pressure mounted om law makers on Friday to agree
on a $ 700 million financial rescue plan after talks at
the White house broke down and the biggest bank
closure in US history roiled global markets.
Crude slides as bail out deal comes undone.
US Crude oil futures tumbled on Friday on the
failure of Washington to cobble together a bail out
deal even as another bank Domino toppled.
On the New York Mercantile Exchange ay 9.37 am
EDT (1337 GMT) , November crude was down $ 2.82 or
2.61 % at $ 105.20 a barrel trading from $ 104.25 to
$ 108.11.
In London Brent Crude fell $ 2.30 or 2.2 % to $ 102.30
a barrel trading from $ 101.20 to 103.77.
Pressure mounted om law makers on Friday to agree
on a $ 700 million financial rescue plan after talks at
the White house broke down and the biggest bank
closure in US history roiled global markets.
Friday, September 26, 2008
UPDATES ON SEPT 26 2008
SEPT 26 FRIDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4870 , S2 RS 4810
R1 RS 4965 , R2 RS 5025
WAIT FOR CONFIRMATION.
Crude Oil Declines on Concern U.S. Bailout Plan May Hit Snag .
Crude oil fell in New York after Congressional
negotiations on plans to rescue the financial
industry stalled, adding to concern that the
economy of the world's biggest energy consumer
will falter and slow fuel demand
Crude oil for November delivery fell as much as $1.50, or
1.4 percent, to $106.52 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$106.64 a barrel at 12:39 p.m. Singapore time
Prices are down 28 percent from the record $147.27 a
barrel reached on July 11. Yesterday, futures rose
$2.29, or 2.2 percent, to settle at $108.02 a barrel.
Oil swung between $103.22 and $130 a barrel this week,
heading for a second weekly gain, as investors covered
short positions before the expiry of a contract and concern
that a global economic slowdown would erode demand.
Sales of new homes in the U.S. fell in August to a 17-year low,
signaling the housing market suffered another setback even
before the latest turmoil in financial markets.
Thursday, September 25, 2008
UPDATE
CRUDE UPDATE AT 2 PM ON SEPTEMBER 25
Mcx Oct Crudeoil trading near supports: Rs.4815.
if prices sustain below these levels,the downfallmay prolong
uptoRs.4780 and Rs.4735 levels.
Mcx Oct Crudeoil trading near supports: Rs.4815.
if prices sustain below these levels,the downfallmay prolong
uptoRs.4780 and Rs.4735 levels.
UPDATES ON SEPT 25 2008
SEPT 25 THURSDAY
SHORT TERM TREND : BULLISH
LONG TETRM TREND : BEARISH
S1 RS 4835 , S2 RS 4785
R1 RS 4930 , R2 RS 4985
WAIT FOR CONFIRMATION.
Crude Oil Rises as Investors Seek Commodities as Dollar Drops .
Crude oil rose for the first time in three days as investors
turned to commodities after the dollar fell on concerns that
the U.S., the world's biggest energy consumer, may fall
into recession.
Crude oil for November delivery rose as much as 61 cents, or
0.6 percent, to $106.34 a barrel in after-hours electronic trading
on the New York Mercantile Exchange. It was at $106.24 a
barrel at 1:22 p.m. Singapore time. It earlier fell as much
as 0.6 percent to $105.13 a barrel. Yesterday, futures
dropped 88 cents to settle at $105.73 a barrel on Nymex.
SHORT TERM TREND : BULLISH
LONG TETRM TREND : BEARISH
S1 RS 4835 , S2 RS 4785
R1 RS 4930 , R2 RS 4985
WAIT FOR CONFIRMATION.
Crude Oil Rises as Investors Seek Commodities as Dollar Drops .
Crude oil rose for the first time in three days as investors
turned to commodities after the dollar fell on concerns that
the U.S., the world's biggest energy consumer, may fall
into recession.
Crude oil for November delivery rose as much as 61 cents, or
0.6 percent, to $106.34 a barrel in after-hours electronic trading
on the New York Mercantile Exchange. It was at $106.24 a
barrel at 1:22 p.m. Singapore time. It earlier fell as much
as 0.6 percent to $105.13 a barrel. Yesterday, futures
dropped 88 cents to settle at $105.73 a barrel on Nymex.
Wednesday, September 24, 2008
UPDATES ON SEPT 24 2008
SEPT 24 WEDNESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4745 , S2 RS 4680
R1 RS 4870 , R2 RS 4960
WAIT FOR CONFIRMATION.
Oil Is Steady After First Drop in a Week on Rescue Plan Concern .
Crude oil was little changed after declining for the first time in
a week on skepticism that a U.S. government bailout plan for
financial companies will bolster economic growth and
demand for fuels.
Oil dropped as much as 4.9 percent yesterday as lawmakers
debated how the rescue measure should be structured,
threatening early enactment. U.S. crude stockpiles are
expected to decline in a report out later today, extending
a 14.2 million-barrel withdrawal in the past four weeks.
Crude oil for November delivery was at $106.95 a barrel, up
34 cents, in after-hours electronic trading on the New York
Mercantile Exchange at 12:20 p.m. Singapore. Prices are
down 27 percent from the record $147.27 a barrel on July 11.
Oil for October delivery rose by a record $16.37 a barrel on Sept
22 before expiring as traders who sold the future last week,
when oil dipped close to $90, had to buy the contracts back.
The U.S. Commodity Futures Trading Commission is
investigating the price move and has subpoenaed dozens
of traders, two people briefed about the legal proceedings
said.
Brent crude oil for November settlement was at $103.51
a barrel, up 43 cents, on London's ICE Futures Europe
exchange at 12:22 p.m. Singapore time. It declined
$2.96, or 2.8 percent, to settle at $103.08 a barrel
yesterday.
Prices also fell on signs U.S. demand for gasoline
continues to decline.
Supplies of crude oil probably fell 2.5 million barrels from 291.7
million barrels, according to the median of responses by 12
analysts before an Energy Department report scheduled for
release at 10:35 a.m. in Washington.
U.S. energy producers have resumed output for about 33
percent of oil and 38 percent of natural-gas production in
the Gulf of Mexico after storms in the region.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4745 , S2 RS 4680
R1 RS 4870 , R2 RS 4960
WAIT FOR CONFIRMATION.
Oil Is Steady After First Drop in a Week on Rescue Plan Concern .
Crude oil was little changed after declining for the first time in
a week on skepticism that a U.S. government bailout plan for
financial companies will bolster economic growth and
demand for fuels.
Oil dropped as much as 4.9 percent yesterday as lawmakers
debated how the rescue measure should be structured,
threatening early enactment. U.S. crude stockpiles are
expected to decline in a report out later today, extending
a 14.2 million-barrel withdrawal in the past four weeks.
Crude oil for November delivery was at $106.95 a barrel, up
34 cents, in after-hours electronic trading on the New York
Mercantile Exchange at 12:20 p.m. Singapore. Prices are
down 27 percent from the record $147.27 a barrel on July 11.
Oil for October delivery rose by a record $16.37 a barrel on Sept
22 before expiring as traders who sold the future last week,
when oil dipped close to $90, had to buy the contracts back.
The U.S. Commodity Futures Trading Commission is
investigating the price move and has subpoenaed dozens
of traders, two people briefed about the legal proceedings
said.
Brent crude oil for November settlement was at $103.51
a barrel, up 43 cents, on London's ICE Futures Europe
exchange at 12:22 p.m. Singapore time. It declined
$2.96, or 2.8 percent, to settle at $103.08 a barrel
yesterday.
Prices also fell on signs U.S. demand for gasoline
continues to decline.
Supplies of crude oil probably fell 2.5 million barrels from 291.7
million barrels, according to the median of responses by 12
analysts before an Energy Department report scheduled for
release at 10:35 a.m. in Washington.
U.S. energy producers have resumed output for about 33
percent of oil and 38 percent of natural-gas production in
the Gulf of Mexico after storms in the region.
Tuesday, September 23, 2008
UPDATE
UPDATE AT 10 PM SEPTEMBER 23
Mcx Crude oil breached intraday support of Rs. 4850
if prices sustain below these levels, may test further
support Rs. 4815 / Rs.4765.
Mcx Crude oil breached intraday support of Rs. 4850
if prices sustain below these levels, may test further
support Rs. 4815 / Rs.4765.
UPDATE
CRUDE UPDATE AT 6.30 PM ON SEPTEMBER 23
$105.2 is support for Nymex Crude, if prices unable to
trade below those levels, it may pull back upto
$112. Mcx Oct levels ; S/R : 4856 / 4975.
$105.2 is support for Nymex Crude, if prices unable to
trade below those levels, it may pull back upto
$112. Mcx Oct levels ; S/R : 4856 / 4975.
UPDATES ON SEPT 23 2008
SEPT 23 TUESDAY
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
S1 RS 4870 , S2 RS 4820
R1 RS 4970 , R2 RS 5030
STAY LONG AT SUPPORT.
Crude Oil Falls on Concern U.S. Plan Won't Prevent Recession .
Crude oil fell in New York for the first time in a week, paring
yesterday's record gain, on concern the U.S. government's
bailout plan for financial companies will fail to prevent a
recession.
Crude oil for November delivery declined as much as $1, or
0.9 percent, to $108.37 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$109.11 a barrel at 1:34 p.m. Singapore time. Yesterday,
the contract rose $6.62, or 6.4 percent, to $109.37 a barrel.
Oil has risen 20 percent since Sept. 16 as lawmakers pledged
fast consideration of the Treasury's plan to buy devalued
mortgage-related securities. Prices were supported yesterday
by speculation the proposed $700 billion U.S. bailout package
for the finance industry may shore up demand.
The October contract rose $16.37, or 17 percent, to expire at
$120.92 a barrel yesterday on the Nymex. It touched $130
in intraday trading, as traders who sold the October contract
last week, when oil dipped close to $90, had to buy the
futures back.
The dollar was little changed at $1.4782 per euro at 1:21 p.m.
Singapore time, from $1.4774 yesterday. It fell as low as
$1.4866 yesterday, the weakest level since Aug. 22, on concern
the U.S. bailout package, which would buy assets from financial
firms, would inflate the budget deficit.
Brent crude oil for November settlement fell as much as 68 cents,
0.6 percent, to $105.36 on London's ICE Futures Europe exchange.
It was at $106.03 a barrel at 1:35 p.m. Singapore time. The contract
yesterday rose $6.43, or 6.5 percent, to settle at $106.04 a barrel.
Supplies of crude oil probably fell 2.5 million barrels last week
from 291.7 million barrels, according to the median of responses
by nine analysts before an Energy Department report this week.
.\
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
S1 RS 4870 , S2 RS 4820
R1 RS 4970 , R2 RS 5030
STAY LONG AT SUPPORT.
Crude Oil Falls on Concern U.S. Plan Won't Prevent Recession .
Crude oil fell in New York for the first time in a week, paring
yesterday's record gain, on concern the U.S. government's
bailout plan for financial companies will fail to prevent a
recession.
Crude oil for November delivery declined as much as $1, or
0.9 percent, to $108.37 a barrel in after-hours electronic
trading on the New York Mercantile Exchange. It was at
$109.11 a barrel at 1:34 p.m. Singapore time. Yesterday,
the contract rose $6.62, or 6.4 percent, to $109.37 a barrel.
Oil has risen 20 percent since Sept. 16 as lawmakers pledged
fast consideration of the Treasury's plan to buy devalued
mortgage-related securities. Prices were supported yesterday
by speculation the proposed $700 billion U.S. bailout package
for the finance industry may shore up demand.
The October contract rose $16.37, or 17 percent, to expire at
$120.92 a barrel yesterday on the Nymex. It touched $130
in intraday trading, as traders who sold the October contract
last week, when oil dipped close to $90, had to buy the
futures back.
The dollar was little changed at $1.4782 per euro at 1:21 p.m.
Singapore time, from $1.4774 yesterday. It fell as low as
$1.4866 yesterday, the weakest level since Aug. 22, on concern
the U.S. bailout package, which would buy assets from financial
firms, would inflate the budget deficit.
Brent crude oil for November settlement fell as much as 68 cents,
0.6 percent, to $105.36 on London's ICE Futures Europe exchange.
It was at $106.03 a barrel at 1:35 p.m. Singapore time. The contract
yesterday rose $6.43, or 6.5 percent, to settle at $106.04 a barrel.
Supplies of crude oil probably fell 2.5 million barrels last week
from 291.7 million barrels, according to the median of responses
by nine analysts before an Energy Department report this week.
.\
UPDATES ON SEPT 23 2008
Market Alert on Sept 23 Tuesday
International Crude made high of $ 113 and retraced
itself to $ 108 .
Markets at present trading at $ 109.05 .
MCX Crude may open high and stay long
in crude at lows.
International Crude made high of $ 113 and retraced
itself to $ 108 .
Markets at present trading at $ 109.05 .
MCX Crude may open high and stay long
in crude at lows.
Monday, September 22, 2008
UPDATE
UPDATE AT 4 PM ON SEPTEMBER 22
MCX Crude tested Resistance Rs.4850 levels.
If prices sustaining at these levels it mau test
upto ; Rs. 4910 and Rs. 4965.
MCX Crude tested Resistance Rs.4850 levels.
If prices sustaining at these levels it mau test
upto ; Rs. 4910 and Rs. 4965.
UPDATES ON SEPT 22 2008
SEPT 22 MONDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4610 , S2 RS 4540
R1 4660 , S2 RS 4720
STAY LONG AT SUPPORT.
Crude market traded in a wide range of 10 % .
Crude made one of its biggest gains on a single
day during the week end rising by over $ 6 a barrel.
It ended at $ 104.55 a barrel on speculation that the
measures of the US govrernment would spur the economy.
The onward momentum is likely to continue this week.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4610 , S2 RS 4540
R1 4660 , S2 RS 4720
STAY LONG AT SUPPORT.
Crude market traded in a wide range of 10 % .
Crude made one of its biggest gains on a single
day during the week end rising by over $ 6 a barrel.
It ended at $ 104.55 a barrel on speculation that the
measures of the US govrernment would spur the economy.
The onward momentum is likely to continue this week.
Friday, September 19, 2008
UPDATES ON SEPT 19 2008
SEPT 19 FRIDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4480 , S2 RS 4400
R1 RS 4560 , R2 RS 4630.
WAIT FOR CONFIRMATION.
Oil Set for Third Weekly Decline as Dollar Gains, Demand Slows .
Crude oil is set for a third weekly decline as the dollar gained
against the euro, limiting the appeal of commodities to
investors amid forecasts of slowing global demand.
Oil has dropped 3 percent this week on concern the global credit
crunch that has hammered Wall Street investment banks will
cause a recession and crimp fuel consumption. The dollar climbed
as much as 1 percent against the euro today as the U.S.
government plans to work out a plan to alleviate the recent
financial market turmoil.
Crude for October delivery fell as much as 49 cents, or 0.5
percent, to $97.39 a barrel on the New York Mercantile
Exchange. It was at $98.26 at 12:49 p.m. Singapore time.
Yesterday, the contract gained 72 cents to settle at
$97.88 a barrel.
Brent crude oil for November settlement was at $95.40 a barrel,
up 21 cents, on London's ICE Futures Europe exchange at
12:50 p.m. Singapore time. It rose 35 cents, or 0.4 percent,
to $95.19 a barrel yesterday.
Concerns about the availability of supplies from the U.S. Gulf of
Mexico and Nigeria have kept prices above $90 a barrel this week.
Nigerian militants stepped up attacks on oil companies,
raising concern supply may be disrupted.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4480 , S2 RS 4400
R1 RS 4560 , R2 RS 4630.
WAIT FOR CONFIRMATION.
Oil Set for Third Weekly Decline as Dollar Gains, Demand Slows .
Crude oil is set for a third weekly decline as the dollar gained
against the euro, limiting the appeal of commodities to
investors amid forecasts of slowing global demand.
Oil has dropped 3 percent this week on concern the global credit
crunch that has hammered Wall Street investment banks will
cause a recession and crimp fuel consumption. The dollar climbed
as much as 1 percent against the euro today as the U.S.
government plans to work out a plan to alleviate the recent
financial market turmoil.
Crude for October delivery fell as much as 49 cents, or 0.5
percent, to $97.39 a barrel on the New York Mercantile
Exchange. It was at $98.26 at 12:49 p.m. Singapore time.
Yesterday, the contract gained 72 cents to settle at
$97.88 a barrel.
Brent crude oil for November settlement was at $95.40 a barrel,
up 21 cents, on London's ICE Futures Europe exchange at
12:50 p.m. Singapore time. It rose 35 cents, or 0.4 percent,
to $95.19 a barrel yesterday.
Concerns about the availability of supplies from the U.S. Gulf of
Mexico and Nigeria have kept prices above $90 a barrel this week.
Nigerian militants stepped up attacks on oil companies,
raising concern supply may be disrupted.
Thursday, September 18, 2008
UPDATES ON SEPT 18 2008
SEPT 18 THURSDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4410 , S2 RS 4360
R1 RS 4460 , R2 RS 4520
WAIT FOR CONFIRMATION.
Crude Oil Drops as Credit Market Turmoil May Slow Fuel Demand .
Crude oil declined in New York, paring yesterday's $6-a-barrel
jump, on concern the fallout from the global credit crunch may
lead to an economic slowdown, limiting fuel demand.
Oil for October delivery fell as much as $1.43, or 1.5 percent, to
$95.73 a barrel on the New York Mercantile Exchange. It was
trading at $96.09 at 1:56 p.m. in Singapore. It earlier rose as much
as 98 cents, or 1 percent, to $98.14 a barrel.
Yesterday, oil jumped $6.01, or 6.6 percent, to $97.16 a barrel,
the biggest one-day gain since June 6. Oil futures tumbled more
than $10 a barrel in the first two days of the week on concern
financial-market disruptions may weaken the global economy
and cut fuel consumption.
Brent crude oil for November settlement fell as much as $1.44,
or 1.5 percent, to $93.40 a barrel and was trading at $93.70 at
1:48 p.m. Singapore time on London's ICE Futures Europe
exchange. It earlier rose as much as 67 cents, or 0.7 percent,
to $95.51 a barrel.
U.S. crude-oil stockpiles fell 6.33 million barrels to 291.7 million
barrels last week, according to the Energy Department. It was
the fourth-straight inventory decline. A drop of 3.5 million
barrels was forecast, according to the median of responses
by 11 analysts surveyed by Bloomberg News.
Prices were also supported by concerns over supplies as Nigerian
militants have stepped up attacks on oil companies.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 4410 , S2 RS 4360
R1 RS 4460 , R2 RS 4520
WAIT FOR CONFIRMATION.
Crude Oil Drops as Credit Market Turmoil May Slow Fuel Demand .
Crude oil declined in New York, paring yesterday's $6-a-barrel
jump, on concern the fallout from the global credit crunch may
lead to an economic slowdown, limiting fuel demand.
Oil for October delivery fell as much as $1.43, or 1.5 percent, to
$95.73 a barrel on the New York Mercantile Exchange. It was
trading at $96.09 at 1:56 p.m. in Singapore. It earlier rose as much
as 98 cents, or 1 percent, to $98.14 a barrel.
Yesterday, oil jumped $6.01, or 6.6 percent, to $97.16 a barrel,
the biggest one-day gain since June 6. Oil futures tumbled more
than $10 a barrel in the first two days of the week on concern
financial-market disruptions may weaken the global economy
and cut fuel consumption.
Brent crude oil for November settlement fell as much as $1.44,
or 1.5 percent, to $93.40 a barrel and was trading at $93.70 at
1:48 p.m. Singapore time on London's ICE Futures Europe
exchange. It earlier rose as much as 67 cents, or 0.7 percent,
to $95.51 a barrel.
U.S. crude-oil stockpiles fell 6.33 million barrels to 291.7 million
barrels last week, according to the Energy Department. It was
the fourth-straight inventory decline. A drop of 3.5 million
barrels was forecast, according to the median of responses
by 11 analysts surveyed by Bloomberg News.
Prices were also supported by concerns over supplies as Nigerian
militants have stepped up attacks on oil companies.
Wednesday, September 17, 2008
TECHNICALS
TECHNICAL LEVELS FOR SEPTEMBER 17
CRUDE OIL MCX OCTOBER
SHORT TERM TREND : BEARISH
LONG TERM TREND: BEARISH
SUPPORTS : S1 - RS 4240, S2 - RS.4180
RESISTANCES : R1- RS.4330, R2 - RS.4385
STAY SHORT
Crude Oil Rebounds From a Two-Day Decline on AIG Rescue Plan .
Crude oil rebounded from its biggest two-day decline in
almost four years after the Federal Reserve agreed to
rescue American International Group Inc., lowering the
risk of a further economic slowdown in the U.S.
Oil climbed more than $3 a barrel on expectations saving AIG
from collapse will reduce the chances of more economic turmoil
that would limit demand for fuels. Goldman Sachs Group Inc.
cut its three-month forecast for crude oil to $115 a barrel
from $149, citing the global credit crisis and demand
weakness.
Crude oil for October delivery rose as much as $3.57, or 3.9
percent, to $94.72 a barrel in electronic after-hours trading
on the New York Mercantile Exchange. It was at $93.80 a
barrel at 1:43 p.m. Singapore time. Crude futures declined
more than $10 a barrel, or 9.9 percent, in the past two days
on concern that financial market disruptions may weaken
the global economy and cut fuel consumption.
The Federal Reserve Board, with support of the U.S. Treasury,
invoked emergency powers to lend as much as $85 billion to
AIG to save the firm from collapse. Speculation of the rescue
caused U.S. stocks to advance after floor trading closed on
the Nymex yesterday. .
Brent crude oil for November settlement rose as much as $3.83,
or 4.3 percent, to $93.05 a barrel on London's ICE Futures
Europe exchange. It was at $92.30 a barrel at 1:47 p.m.
Singapore time.
CRUDE OIL MCX OCTOBER
SHORT TERM TREND : BEARISH
LONG TERM TREND: BEARISH
SUPPORTS : S1 - RS 4240, S2 - RS.4180
RESISTANCES : R1- RS.4330, R2 - RS.4385
STAY SHORT
Crude Oil Rebounds From a Two-Day Decline on AIG Rescue Plan .
Crude oil rebounded from its biggest two-day decline in
almost four years after the Federal Reserve agreed to
rescue American International Group Inc., lowering the
risk of a further economic slowdown in the U.S.
Oil climbed more than $3 a barrel on expectations saving AIG
from collapse will reduce the chances of more economic turmoil
that would limit demand for fuels. Goldman Sachs Group Inc.
cut its three-month forecast for crude oil to $115 a barrel
from $149, citing the global credit crisis and demand
weakness.
Crude oil for October delivery rose as much as $3.57, or 3.9
percent, to $94.72 a barrel in electronic after-hours trading
on the New York Mercantile Exchange. It was at $93.80 a
barrel at 1:43 p.m. Singapore time. Crude futures declined
more than $10 a barrel, or 9.9 percent, in the past two days
on concern that financial market disruptions may weaken
the global economy and cut fuel consumption.
The Federal Reserve Board, with support of the U.S. Treasury,
invoked emergency powers to lend as much as $85 billion to
AIG to save the firm from collapse. Speculation of the rescue
caused U.S. stocks to advance after floor trading closed on
the Nymex yesterday. .
Brent crude oil for November settlement rose as much as $3.83,
or 4.3 percent, to $93.05 a barrel on London's ICE Futures
Europe exchange. It was at $92.30 a barrel at 1:47 p.m.
Singapore time.
Tuesday, September 16, 2008
UPDATES ON SEPT 16 2008
SEPT 16 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 4430 , S2 RS 4390
R1 RS 4530 , R2 RS 4600
STAY SHORT.
Crude Oil Drops Below $92 as Lehman Adds to Demand Concern .
Crude oil tumbled below $92 a barrel, its biggest two-day drop
in almost four years, on concern that turmoil on Wall Street
may weaken the global economy and reduce demand for
fuels and raw materials.
Oil fell as much as 4.3 percent today after Lehman Brothers
Holdings Inc., once the fourth-largest U.S. investment bank,
yesterday sought bankruptcy protection, sending U.S.
stocks to their steepest drop since the September 2001
terrorist attacks. Gold fell for the first day in three.
Crude oil for October delivery fell as much as $4.15, or
4.3 percent, to $91.56 a barrel. It was at $91.80 at 1:17 p.m.
Singapore time on the New York Mercantile Exchange, the
lowest intraday price since Feb. 11. Oil has declined 4.4
percent this year and dropped 38 percent from the
record $147.27 a barrel reached on July 11.
Brent crude oil for November settlement fell as much as $4.44,
or 4.7 percent, to $89.80 a barrel on London's ICE Futures
Europe exchange. It was at $90.28 a barrel at 1:24 p.m.
Singapore time.
Prices have dropped 14 straight days, the longest stretch since
Brent futures were introduced in 1988.
Texas oil refiners may need weeks to restore normal operations
as utilities struggle to restore power after Hurricane Ike
swept through the region.
U.S. crude-oil and fuel inventories probably fell last week because
of Ike, a Bloomberg News survey of analysts showed. The Energy
Department is scheduled to release its weekly petroleum supply
report on Sept. 17.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 4430 , S2 RS 4390
R1 RS 4530 , R2 RS 4600
STAY SHORT.
Crude Oil Drops Below $92 as Lehman Adds to Demand Concern .
Crude oil tumbled below $92 a barrel, its biggest two-day drop
in almost four years, on concern that turmoil on Wall Street
may weaken the global economy and reduce demand for
fuels and raw materials.
Oil fell as much as 4.3 percent today after Lehman Brothers
Holdings Inc., once the fourth-largest U.S. investment bank,
yesterday sought bankruptcy protection, sending U.S.
stocks to their steepest drop since the September 2001
terrorist attacks. Gold fell for the first day in three.
Crude oil for October delivery fell as much as $4.15, or
4.3 percent, to $91.56 a barrel. It was at $91.80 at 1:17 p.m.
Singapore time on the New York Mercantile Exchange, the
lowest intraday price since Feb. 11. Oil has declined 4.4
percent this year and dropped 38 percent from the
record $147.27 a barrel reached on July 11.
Brent crude oil for November settlement fell as much as $4.44,
or 4.7 percent, to $89.80 a barrel on London's ICE Futures
Europe exchange. It was at $90.28 a barrel at 1:24 p.m.
Singapore time.
Prices have dropped 14 straight days, the longest stretch since
Brent futures were introduced in 1988.
Texas oil refiners may need weeks to restore normal operations
as utilities struggle to restore power after Hurricane Ike
swept through the region.
U.S. crude-oil and fuel inventories probably fell last week because
of Ike, a Bloomberg News survey of analysts showed. The Energy
Department is scheduled to release its weekly petroleum supply
report on Sept. 17.
Monday, September 15, 2008
CRUDE UPDATE
NYMEX CRUDE UPDATE 15 SEPTEMBER, 6 PM
NYMEX Crude breached intraday supports $ 95
and may test $ 92 and $ 85.
Indian Mcx Oct Crude may test Rs.4320 and Rs. 4180 levels.
NYMEX Crude breached intraday supports $ 95
and may test $ 92 and $ 85.
Indian Mcx Oct Crude may test Rs.4320 and Rs. 4180 levels.
TECHNICALS
TECHNICAL LEVELS FOR 15 SEPTEMBER
CRUDE OIL MCX OCTOBER
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
SUPPORTS : S1 - RS.4590, S2 - RS.4545
RESISTANCES : R1 - RS.4670, R2 - RS. 4715
STAY SHORT
CRUDE OIL MCX OCTOBER
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
SUPPORTS : S1 - RS.4590, S2 - RS.4545
RESISTANCES : R1 - RS.4670, R2 - RS. 4715
STAY SHORT
UPDATE
MARKET UPDATE
Crude oil and gasoline futures fell amid signs that refineries
along the Gulf of Mexico coast will soon resume operations
after shutting for Hurricane Ike and escaping major damage.
Crude oil for October delivery fell $ 1.58 to $ 99.60 a barrel
at 10.05 am at New York Mercantile Exchange. Futures
touched $ 99.55, the lowest since March 25.
Crude oil and gasoline futures fell amid signs that refineries
along the Gulf of Mexico coast will soon resume operations
after shutting for Hurricane Ike and escaping major damage.
Crude oil for October delivery fell $ 1.58 to $ 99.60 a barrel
at 10.05 am at New York Mercantile Exchange. Futures
touched $ 99.55, the lowest since March 25.
Sunday, September 14, 2008
UPDATES ON SEPT 14 2008
SEPT 14 SUNDAY
Hurricane Ike pulls oil back from below $ 100.
Hurricane Ike , churning towars oil rigs and refineries
along the Texas coast , helped pull oil back from a dip
below $ 100 a barrel on Friday .
Crude on the New York Exchange touched $ 99.99
a barrel - its first descent below $ 100 since April -
before closing the session up 31 cents at $ 101.18.
US crude has retreated 30 % from an all time high of
$ 147.27 a barrel on July 11 amid worries about
high energy costs and an impending global
economic slow down .
The dollar amid uncertainity over turmoil at
investment bank , Lehman Brothers and data
showing a second straight month of US retail
sales decline .
A weaker dollar makes commodities more
attractive for holders of other currencies.
Hurricane Ike pulls oil back from below $ 100.
Hurricane Ike , churning towars oil rigs and refineries
along the Texas coast , helped pull oil back from a dip
below $ 100 a barrel on Friday .
Crude on the New York Exchange touched $ 99.99
a barrel - its first descent below $ 100 since April -
before closing the session up 31 cents at $ 101.18.
US crude has retreated 30 % from an all time high of
$ 147.27 a barrel on July 11 amid worries about
high energy costs and an impending global
economic slow down .
The dollar amid uncertainity over turmoil at
investment bank , Lehman Brothers and data
showing a second straight month of US retail
sales decline .
A weaker dollar makes commodities more
attractive for holders of other currencies.
Saturday, September 13, 2008
UPDATE
MARKET UPDATE FOR 12 SEPTEMBER
US CRUDE OIL FUTURES ROSE MORE THAN $ 2 ON FRIDAY
AS GASOLINE FUTURES SURGED AND HURRICANE IKE
HEADED TOWARDS THE TEXAS COAST, SHUTTING MOST
OF THE REGION'S ENERGY INFRASTRUCTURE.
ON THE NEW YORK MERCANTILE EXCHANGE AT 10.34AM
CRUDE WAS UP $1.6 AT $ 102.47 / BARREL TRADING FROM
$100.87 TO $ 102.89.
ABOUT 18% OF THE US OIL PROCESSING CAPACITY HAS
BEEN SHUT BEFORE IKE MAKES LANDFALL.MORE THAN
A QUARTER OF US CRUDE PRODUCTION IS BASED IN THE
GULF COAST REGION. EVACUATIONS HAVE HALTED 97 %
OF GULF OIL OUTPUT.
MEANWHILE BARCLAYS CAPITAL SLASHED ITS FOURTH
QUARTER OIL PRICE FORECAST BY 21 % AFTER WEAKENING
DEMAND PROMPTED OPEC TO WEDNESDAY URGE MEMBERS
TO CURB EXCESS SUPPLY.
US CRUDE OIL FUTURES ROSE MORE THAN $ 2 ON FRIDAY
AS GASOLINE FUTURES SURGED AND HURRICANE IKE
HEADED TOWARDS THE TEXAS COAST, SHUTTING MOST
OF THE REGION'S ENERGY INFRASTRUCTURE.
ON THE NEW YORK MERCANTILE EXCHANGE AT 10.34AM
CRUDE WAS UP $1.6 AT $ 102.47 / BARREL TRADING FROM
$100.87 TO $ 102.89.
ABOUT 18% OF THE US OIL PROCESSING CAPACITY HAS
BEEN SHUT BEFORE IKE MAKES LANDFALL.MORE THAN
A QUARTER OF US CRUDE PRODUCTION IS BASED IN THE
GULF COAST REGION. EVACUATIONS HAVE HALTED 97 %
OF GULF OIL OUTPUT.
MEANWHILE BARCLAYS CAPITAL SLASHED ITS FOURTH
QUARTER OIL PRICE FORECAST BY 21 % AFTER WEAKENING
DEMAND PROMPTED OPEC TO WEDNESDAY URGE MEMBERS
TO CURB EXCESS SUPPLY.
Friday, September 12, 2008
UPDATES ON SEPT 12 2008
SEPT 12 FRIDAY
MCX CRUDE OIL OCTOBER
Oil Rises From 5-Month Low as Hurricane Ike Heads for Houston.
Crude oil rose from a five-month low as Hurricane Ike
headed toward a near-direct hit on Houston, the busiest
U.S. refining center.
Crude oil for October delivery rose as much as 82 cents, or 0.8
percent, to $101.69 a barrel on the New York Mercantile Exchange.
It was at $101.50 a barrel at 11:21 a.m. in Singapore. Prices are
up 27 percent from a year ago. Yesterday, futures fell $1.71,
or 1.7 percent, to $100.87 a barrel, the lowest settlement
price since March 24.
Oil is set for its second weekly decline, dropping 4.5 percent this
week as the dollar surged to its strongest level against the euro
in a year, reducing the appeal of commodities. Concerns about
a global economic slump have also pressured prices as forecasts
for demand are revised lower.
The U.S. currency climbed 0.4 percent to $1.3946 per euro, from
$1.3998 Sept. 10, after touching $1.3882, the strongest level
since Sept. 18, 2007.
Brent oil for October settlement rose as much as 81 cents, or 0.8
percent, to $98.45 a barrel on London's ICE Futures Europe
exchange. It was at $98.26 at 11:18 a.m. Singapore time.
The contract yesterday declined $1.33, or 1.3 percent, to settle
at $97.64 a barrel, the lowest since March 4. The futures have
dropped 11 straight days, the longest stretch since the
contract was introduced in 1988.
MCX CRUDE OIL OCTOBER
SHORT TERM TREND - BEARISH
LONG TERM TREND - BEARISH
SUPPORTS - S1- RS.4610, S2 - RS.4560
RESISRANCES- R1- RS.4725, R2 - RS. 4760
STAY SHORT
Oil Rises From 5-Month Low as Hurricane Ike Heads for Houston.
Crude oil rose from a five-month low as Hurricane Ike
headed toward a near-direct hit on Houston, the busiest
U.S. refining center.
Crude oil for October delivery rose as much as 82 cents, or 0.8
percent, to $101.69 a barrel on the New York Mercantile Exchange.
It was at $101.50 a barrel at 11:21 a.m. in Singapore. Prices are
up 27 percent from a year ago. Yesterday, futures fell $1.71,
or 1.7 percent, to $100.87 a barrel, the lowest settlement
price since March 24.
Oil is set for its second weekly decline, dropping 4.5 percent this
week as the dollar surged to its strongest level against the euro
in a year, reducing the appeal of commodities. Concerns about
a global economic slump have also pressured prices as forecasts
for demand are revised lower.
The U.S. currency climbed 0.4 percent to $1.3946 per euro, from
$1.3998 Sept. 10, after touching $1.3882, the strongest level
since Sept. 18, 2007.
Brent oil for October settlement rose as much as 81 cents, or 0.8
percent, to $98.45 a barrel on London's ICE Futures Europe
exchange. It was at $98.26 at 11:18 a.m. Singapore time.
The contract yesterday declined $1.33, or 1.3 percent, to settle
at $97.64 a barrel, the lowest since March 4. The futures have
dropped 11 straight days, the longest stretch since the
contract was introduced in 1988.
Thursday, September 11, 2008
UPDATE
MARKET UPDATE
TECHNICAL ANALYSIS
CRUDE OIL TRADED TRADED UNDER NYMEX MAY BE
SOME SUPPORT AT $100.12 WHICH ACT AS CRUCIAL LEVELS
FURTHER TO WHICH IF OIL SUSTAINS AT THESE LEVELS
THEN A BULLISH CYCLE IS EXPECTED HOWEVER A BREAK
IN THESE LELS MAY SEE OIL LEVEL SGO DOWN TO $ 80.
AT MCX INDIA LEVELS SUPPORT IS AT RS.45OO AND
THE DOWN SIDE LEVELS AT RS.4180.
OUTLOOK
WITH THE FALL IN THE PRODUCTION LEVELS IN BOTH
OPEC BODY AND OIL PRODUCING FACILITIES FROM THE
GULF OF MEXICO THE PRICE INDEX IS EXPECTECTED
TO RISE WHILE THE REPORT ON STOCK LEVELS
AND IEA DEMAND PROJECTION MIGHT PULL THE GAINS
THOUGH MUCHOF THE MOVEMENT CAN BE CONCLUDED
WITH THE CLOSING OF THE WEEKS TRADE.
IT IS BELIEVED THAT HURRICANES IN THE COMING WEEK
MAYCOME LARGER THAN EXPECTED OUTAGES IN THE US
GULF OF MEXICO , WHERE IT IS SAID THE TOTAL OUTAGE
WOULD BE 1.5 MILLION BARRELS PER DAY INCLUDING
1.1 MILLION BPD FROM US OFF SHORE PRODUCTION.
TECHNICAL ANALYSIS
CRUDE OIL TRADED TRADED UNDER NYMEX MAY BE
SOME SUPPORT AT $100.12 WHICH ACT AS CRUCIAL LEVELS
FURTHER TO WHICH IF OIL SUSTAINS AT THESE LEVELS
THEN A BULLISH CYCLE IS EXPECTED HOWEVER A BREAK
IN THESE LELS MAY SEE OIL LEVEL SGO DOWN TO $ 80.
AT MCX INDIA LEVELS SUPPORT IS AT RS.45OO AND
THE DOWN SIDE LEVELS AT RS.4180.
OUTLOOK
WITH THE FALL IN THE PRODUCTION LEVELS IN BOTH
OPEC BODY AND OIL PRODUCING FACILITIES FROM THE
GULF OF MEXICO THE PRICE INDEX IS EXPECTECTED
TO RISE WHILE THE REPORT ON STOCK LEVELS
AND IEA DEMAND PROJECTION MIGHT PULL THE GAINS
THOUGH MUCHOF THE MOVEMENT CAN BE CONCLUDED
WITH THE CLOSING OF THE WEEKS TRADE.
IT IS BELIEVED THAT HURRICANES IN THE COMING WEEK
MAYCOME LARGER THAN EXPECTED OUTAGES IN THE US
GULF OF MEXICO , WHERE IT IS SAID THE TOTAL OUTAGE
WOULD BE 1.5 MILLION BARRELS PER DAY INCLUDING
1.1 MILLION BPD FROM US OFF SHORE PRODUCTION.
Wednesday, September 10, 2008
UPDATES ON SEPT 10 2008
SEPT 10 WEDNESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 4660 , S2 RS 4610
R1 RS 4740 , R2 RS 4840
STAY SHORT
Oil Rises After OPEC President Calls for End to Overproduction .
Crude oil jumped in New York as OPEC President Chakib Khelil
called on members to stop producing more than the group's
set quota after prices fell to almost $100 a barrel.
The Organization of Petroleum Exporting Countries is pumping
about 520,000 barrels a day more than their 28.8 million-barrel
limit, Khelil said. The group kept its output quota unchanged
after adjusting for the departure of Indonesia, which had a
target of 865,000 barrels a day, according to Bloomberg
data.
Crude oil for October delivery climbed as much as $1.41, or 1.4
percent, to $104.67 a barrel on the New York Mercantile
Exchange and traded at $103.60 at 2:37 p.m. Singapore
time. The contract dropped as low as $102.06 before the
OPEC announcement.
Oil has fallen 30 percent from a record $147.27 a barrel on July
11 as high prices and slowing global economic growth reduced
demand for fuels. Crude in New York yesterday reached its
lowest level since April 2 while Brent oil traded in London
fell as low as $99 a barrel.
Brent crude oil for October settlement rose as much as $1.40, or
1.4 percent, to $101.74 a barrel. It was at $100.62 a barrel at
2:38 p.m. Singapore time. The contract earlier fell as low as
$98.89 a barrel.
OPEC members have increased production this year as Saudi Arabia,
the world's largest producer, sold more barrels to balance shortfalls
elsewhere and slake the developing world's growing thirst for crude.
That's taken output above the group's agreed targets.
Hurricane Ike started to strengthen as it entered the Gulf of
Mexico and headed in the direction of Texas, after leaving more
than 170 people dead when it lashed Cuba and Haiti.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 4660 , S2 RS 4610
R1 RS 4740 , R2 RS 4840
STAY SHORT
Oil Rises After OPEC President Calls for End to Overproduction .
Crude oil jumped in New York as OPEC President Chakib Khelil
called on members to stop producing more than the group's
set quota after prices fell to almost $100 a barrel.
The Organization of Petroleum Exporting Countries is pumping
about 520,000 barrels a day more than their 28.8 million-barrel
limit, Khelil said. The group kept its output quota unchanged
after adjusting for the departure of Indonesia, which had a
target of 865,000 barrels a day, according to Bloomberg
data.
Crude oil for October delivery climbed as much as $1.41, or 1.4
percent, to $104.67 a barrel on the New York Mercantile
Exchange and traded at $103.60 at 2:37 p.m. Singapore
time. The contract dropped as low as $102.06 before the
OPEC announcement.
Oil has fallen 30 percent from a record $147.27 a barrel on July
11 as high prices and slowing global economic growth reduced
demand for fuels. Crude in New York yesterday reached its
lowest level since April 2 while Brent oil traded in London
fell as low as $99 a barrel.
Brent crude oil for October settlement rose as much as $1.40, or
1.4 percent, to $101.74 a barrel. It was at $100.62 a barrel at
2:38 p.m. Singapore time. The contract earlier fell as low as
$98.89 a barrel.
OPEC members have increased production this year as Saudi Arabia,
the world's largest producer, sold more barrels to balance shortfalls
elsewhere and slake the developing world's growing thirst for crude.
That's taken output above the group's agreed targets.
Hurricane Ike started to strengthen as it entered the Gulf of
Mexico and headed in the direction of Texas, after leaving more
than 170 people dead when it lashed Cuba and Haiti.
Tuesday, September 9, 2008
UPDATES ON SEPT 9 2008
SEPT 9 TUESDAY
SHORT TERM TREND :BEARISH
LONG TERM TREND : BEARISH
S1 RS 4710 , S2 RS 4660
R1 RS 4780 , R2 RS 4840
STAY SHORT.
Oil Falls as Dollar Gains.
Crude oil fell in New York as the dollar rose against the euro and
Saudi Arabia's oil minister said supplies are sufficient to meet demand.
The U.S. currency strengthened to the highest since October 2007
as the government's takeover of Fannie Mae and Freddie Mac
encouraged investors to move funds into the stock market.
Crude oil for October delivery fell as much as $1.36, or 1.3 percent,
to $104.98 a barrel and traded at $105.18 at 12:45 p.m. Singapore
time on the New York Mercantile Exchange. Oil has dropped 29
percent from the record $147.27 reached on July 11.
Yesterday, October crude futures settled at $106.34 a barrel, up
11 cents, after falling as much as $1.53, or 1.4 percent, as investors
dumped commodities because of the higher dollar. The contract
climbed as much as 3.5 percent on concern Hurricane Ike will
delay the restoration of Gulf of Mexico output that was closed
because of Hurricane Gustav.
Ike weakened to Category 1 on the 5-step Saffir-Simpson scale of
intensity, with sustained winds dropping to 80 miles
(130 kilometers) per hour, the U.S. National Hurricane Center
said on its Web site at 11 p.m. Miami time.
Brent crude oil for October settlement fell as much as $1.17, or
1.1 percent, to $102.27 a barrel on London's ICE Futures Europe
exchange. It was at $102.40 a barrel at 12:49 p.m. Singapore time.
The 13 members of the Organization of Petroleum Exporting
Countries, which supply more than 40 percent of the world's
oil, will review production targets for the fourth quarter at a
meeting tonight.
SHORT TERM TREND :BEARISH
LONG TERM TREND : BEARISH
S1 RS 4710 , S2 RS 4660
R1 RS 4780 , R2 RS 4840
STAY SHORT.
Oil Falls as Dollar Gains.
Crude oil fell in New York as the dollar rose against the euro and
Saudi Arabia's oil minister said supplies are sufficient to meet demand.
The U.S. currency strengthened to the highest since October 2007
as the government's takeover of Fannie Mae and Freddie Mac
encouraged investors to move funds into the stock market.
Crude oil for October delivery fell as much as $1.36, or 1.3 percent,
to $104.98 a barrel and traded at $105.18 at 12:45 p.m. Singapore
time on the New York Mercantile Exchange. Oil has dropped 29
percent from the record $147.27 reached on July 11.
Yesterday, October crude futures settled at $106.34 a barrel, up
11 cents, after falling as much as $1.53, or 1.4 percent, as investors
dumped commodities because of the higher dollar. The contract
climbed as much as 3.5 percent on concern Hurricane Ike will
delay the restoration of Gulf of Mexico output that was closed
because of Hurricane Gustav.
Ike weakened to Category 1 on the 5-step Saffir-Simpson scale of
intensity, with sustained winds dropping to 80 miles
(130 kilometers) per hour, the U.S. National Hurricane Center
said on its Web site at 11 p.m. Miami time.
Brent crude oil for October settlement fell as much as $1.17, or
1.1 percent, to $102.27 a barrel on London's ICE Futures Europe
exchange. It was at $102.40 a barrel at 12:49 p.m. Singapore time.
The 13 members of the Organization of Petroleum Exporting
Countries, which supply more than 40 percent of the world's
oil, will review production targets for the fourth quarter at a
meeting tonight.
Friday, September 5, 2008
FUNDAMENTL OUTLOOK FOR CRUDE
Oil may slide below $ 100on falling OECD demand.
Oil prices should extend their nearly 30 % slide
and dip into double digits for the first time in
5 months as the U.Soil sector seems to have escaped
severe damage from Hurricane Gustav analyst said.
High fuel prices and the wider economic crisis
have clipprd demand from the U.S and other
large consumer nations this year , dragging
prices from record high over $ 147 a barrel
to below $ 108.
Prices had rebounded last week on fears
Gustav could cause severe disruptions to
U.S oil operations in the Gulf of Mexico.
Early soundings showed little damage
to the sector , however sending oil down again.
Analyst say it is now poised to break $ 100
for the first time since early April.
Oil demand in the U.S , the worlds biggest oil
consumer dropped by 8 lakh barrels per day
in the first half of 2008, the steepest volume drop
in 26 years.
Oil experts have bee revising down price forecast
on the basis of weaker demand projections.
Most recently Lehman Brothers this week cut
its 2008 forecast of Brent crude by $ 3 to $ 112.
Further pressure on crude comes from the
strengthening of the U.S dollar against
other currencies.
On Tuesday oil fell below $ 110 a barrel, a
key support identified by technical analyst
who predict future prce movements by
studying charts.
They have said that the market could fall as
far as $ 60 a barrel before the long tem bull
trend would be broken and ther is strong
support at $ 100.
Iran has said $ 100 is the lowest acceptable
oil price and called for the group to cut
output by 1.5 million bpd by early next year.
Oil may slide below $ 100on falling OECD demand.
Oil prices should extend their nearly 30 % slide
and dip into double digits for the first time in
5 months as the U.Soil sector seems to have escaped
severe damage from Hurricane Gustav analyst said.
High fuel prices and the wider economic crisis
have clipprd demand from the U.S and other
large consumer nations this year , dragging
prices from record high over $ 147 a barrel
to below $ 108.
Prices had rebounded last week on fears
Gustav could cause severe disruptions to
U.S oil operations in the Gulf of Mexico.
Early soundings showed little damage
to the sector , however sending oil down again.
Analyst say it is now poised to break $ 100
for the first time since early April.
Oil demand in the U.S , the worlds biggest oil
consumer dropped by 8 lakh barrels per day
in the first half of 2008, the steepest volume drop
in 26 years.
Oil experts have bee revising down price forecast
on the basis of weaker demand projections.
Most recently Lehman Brothers this week cut
its 2008 forecast of Brent crude by $ 3 to $ 112.
Further pressure on crude comes from the
strengthening of the U.S dollar against
other currencies.
On Tuesday oil fell below $ 110 a barrel, a
key support identified by technical analyst
who predict future prce movements by
studying charts.
They have said that the market could fall as
far as $ 60 a barrel before the long tem bull
trend would be broken and ther is strong
support at $ 100.
Iran has said $ 100 is the lowest acceptable
oil price and called for the group to cut
output by 1.5 million bpd by early next year.
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