MCX Crude oil April contract is looking negative for
the day. Market may find support near 5050 & 5000; intraday
resistance can be seen near 5100 & 5150. Day traders are advised to
sell intraday on rise. (Sell around 5150 with SL 5150, for the target of
5050 & 5000.)
Friday, 12 April 2013
Thursday, 11 April 2013
Crudeoil news
Trend updated
for-Apr/12/2013.CMP-5085 The Crudeoil is in long- term bull phase
.Currently Crudeoil is in strong downtrend with good momentum and the
trend is supported with good volume The open interest is not
increasing with trend . Noting point is selling at lower levels seems
decreasing. The oscillator is showing SELL signal For short term
Crudeoil is in SELL position.Positionally Support for the
Crudeoil is 5058-.Resistance for the Crudeoil is
5134-5151-5161-5174-5214-
Currently Crudeoil is in HOLD LONG position
The Crudeoil is in downtrend For short term buy only if close above
5146.0 The oscillator is showing BUY signal
Intraday Trend- Buy is advised above 5143.6 with a stop at 5050.7 Below 5026.6 go for sell
Intraday Resistance of CRUDEOIL are 5133.3/5173.4/5206/5242.1/5278.4
Intraday Support of CRUDEOIL are 5036.7/4996.6/4956.5/4921.4
Intraday Trend- Buy is advised above 5143.6 with a stop at 5050.7 Below 5026.6 go for sell
Intraday Resistance of CRUDEOIL are 5133.3/5173.4/5206/5242.1/5278.4
Intraday Support of CRUDEOIL are 5036.7/4996.6/4956.5/4921.4
IEA Cuts Oil-Demand Forecast Because of European Demand
The International Energy Agency reduced its forecasts for global oil
demand in 2013 for a third consecutive month and predicted the weakest
consumption in Europe since the 1980s.
The IEA reduced its estimate by 45,000 barrels a day, predicting that world consumption will increase by a “subdued” 795,000 barrels a day, or 0.9 percent, to 90.58 million barrels a day this year. European demand will slump by 340,000 barrels a day. Still, an imminent recovery in refinery operations after maintenance and political threats to supply mean “it may be too early to call a bear market,” the IEA said.
“Europe remains by far the worst affected of all the large oil consumption regions, as the ravages of the bleak macroeconomic backdrop continues to take its toll,” the Paris- based group said in its monthly oil market report.
Brent futures have dropped 12 percent from this year’s intraday peak, trading at about $105 a barrel in London today, as the euro area struggles to move beyond its debt crisis, China shows muted signs of recovery and the U.S. Federal Reserve discusses reducing its bond-buying program.
European oil demand will drop to 14.1 million barrels a day this year, the IEA said. Worldwide consumption remains supported by emerging economies such as China, where demand will increase this year by 380,000 barrels a day, or 3.9 percent, to 10 million a day, according to the report.
Saudi Increase
Saudi Arabia, the world’s largest oil exporter, “seems poised to ramp up” production further to meet seasonal demand, after restoring output to a four-month high of 9.3 million barrels a day in March, an increase of 50,000 a day from February, the IEA said.
Total production among the Organization of Petroleum Exporting Countries slipped by 140,000 barrels a day last month to 30.44 million a day, as the Gulf kingdom’s increase was countered by lower output from Iraq, Iran, Nigeria, Libya and Algeria. Production fell the most in Iraq, by 150,000 barrels a day to 2.96 million as bad weather curbed operations at the port of Basra, according to the report.
Consumers’ imports of crude from Iran fell to 1.1 million barrels a day in March from 1.26 million in February amid international sanctions on the Islamic Republic, the IEA said.
Non-OPEC Reduction
The agency reduced its estimate for supplies from outside OPEC in 2013 for the first time, by 20,000 barrels a day, amid lower-than-expected output from the North Sea. Non-OPEC producers such as the U.S., Canada and Brazil will increase supplies this year by 1.1 million barrels a day to 54.4 million a day, according to the report.
Yesterday OPEC trimmed its global oil demand estimate for 2013 by 40,000 barrels a day. The organization predicted that demand will grow by 800,000 barrels a day this year, or 0.9 percent, to 89.66 million a day.
Oil inventories in the most industrialized nations remained above their five-year average for a six month in February, even after a drop of 32.9 million barrels to 2.66 billion barrels, the IEA estimated.
“There’s no major region that makes your heart jump,” when looking at oil demand, said Filip Petersson, a commodities strategist at Stockholm-based SEB AB, who predicts that Brent, the European benchmark, will average $107.50 a barrel during the second quarter. “It’s primarily a general oversupply situation. We’ve had a substantial oversupply in the first two quarters.”
The IEA reduced its estimate by 45,000 barrels a day, predicting that world consumption will increase by a “subdued” 795,000 barrels a day, or 0.9 percent, to 90.58 million barrels a day this year. European demand will slump by 340,000 barrels a day. Still, an imminent recovery in refinery operations after maintenance and political threats to supply mean “it may be too early to call a bear market,” the IEA said.
“Europe remains by far the worst affected of all the large oil consumption regions, as the ravages of the bleak macroeconomic backdrop continues to take its toll,” the Paris- based group said in its monthly oil market report.
Brent futures have dropped 12 percent from this year’s intraday peak, trading at about $105 a barrel in London today, as the euro area struggles to move beyond its debt crisis, China shows muted signs of recovery and the U.S. Federal Reserve discusses reducing its bond-buying program.
European oil demand will drop to 14.1 million barrels a day this year, the IEA said. Worldwide consumption remains supported by emerging economies such as China, where demand will increase this year by 380,000 barrels a day, or 3.9 percent, to 10 million a day, according to the report.
Saudi Increase
Saudi Arabia, the world’s largest oil exporter, “seems poised to ramp up” production further to meet seasonal demand, after restoring output to a four-month high of 9.3 million barrels a day in March, an increase of 50,000 a day from February, the IEA said.
Total production among the Organization of Petroleum Exporting Countries slipped by 140,000 barrels a day last month to 30.44 million a day, as the Gulf kingdom’s increase was countered by lower output from Iraq, Iran, Nigeria, Libya and Algeria. Production fell the most in Iraq, by 150,000 barrels a day to 2.96 million as bad weather curbed operations at the port of Basra, according to the report.
Consumers’ imports of crude from Iran fell to 1.1 million barrels a day in March from 1.26 million in February amid international sanctions on the Islamic Republic, the IEA said.
Non-OPEC Reduction
The agency reduced its estimate for supplies from outside OPEC in 2013 for the first time, by 20,000 barrels a day, amid lower-than-expected output from the North Sea. Non-OPEC producers such as the U.S., Canada and Brazil will increase supplies this year by 1.1 million barrels a day to 54.4 million a day, according to the report.
Yesterday OPEC trimmed its global oil demand estimate for 2013 by 40,000 barrels a day. The organization predicted that demand will grow by 800,000 barrels a day this year, or 0.9 percent, to 89.66 million a day.
Oil inventories in the most industrialized nations remained above their five-year average for a six month in February, even after a drop of 32.9 million barrels to 2.66 billion barrels, the IEA estimated.
“There’s no major region that makes your heart jump,” when looking at oil demand, said Filip Petersson, a commodities strategist at Stockholm-based SEB AB, who predicts that Brent, the European benchmark, will average $107.50 a barrel during the second quarter. “It’s primarily a general oversupply situation. We’ve had a substantial oversupply in the first two quarters.”
Iraq Raises Oil Reserves
Iraq has raised its estimated proven crude oil reserves to 150 billion
barrels from 143 billion barrels, with more oil discovered in oil fields
being upgraded by international oil companies and from a new oil field
in southern Iraq, the Iraqi oil minister said Wednesday.
"The calculations that we have carried, indicated that our oil reserves have increased to 150 billion barrels," Abdul Kareem Luaiby told reporters.
The new reserves come from Dima oil field and from other fields, Mr. Luaiby said. Dima is in Missan province, southeast of Baghdad near the border with Iran.
The state-owned Missan Oil Co. restarted work at the field in January 2012. In February 2013, the firm completed its first exploration well and found oil in the field.
If the new added reserves were confirmed, Iraq, a member of the Organization of the Petroleum Exporting Countries, will rank as the world's No. 3 in crude oil reserves after Saudi Arabia and Canada.
Iraq's proven oil reserves don't include those of the semi-autonomous region of Kurdistan, where many international oil companies are carrying out exploration and early development. Kurdish officials have estimated some 40 billion barrels of oil in Kurdistan.
Mr. Luaiby also said Iraq is producing some 3.150 million barrels a day now and it is expected to add around 200,000 barrels a day by the end of this year from fields such as Majnoon and Garraf which is being developed by consortia led by Royal Dutch Shell PLC (RDSA) and Malaysia's Petronas, respectively.
"The calculations that we have carried, indicated that our oil reserves have increased to 150 billion barrels," Abdul Kareem Luaiby told reporters.
The new reserves come from Dima oil field and from other fields, Mr. Luaiby said. Dima is in Missan province, southeast of Baghdad near the border with Iran.
The state-owned Missan Oil Co. restarted work at the field in January 2012. In February 2013, the firm completed its first exploration well and found oil in the field.
If the new added reserves were confirmed, Iraq, a member of the Organization of the Petroleum Exporting Countries, will rank as the world's No. 3 in crude oil reserves after Saudi Arabia and Canada.
Iraq's proven oil reserves don't include those of the semi-autonomous region of Kurdistan, where many international oil companies are carrying out exploration and early development. Kurdish officials have estimated some 40 billion barrels of oil in Kurdistan.
Mr. Luaiby also said Iraq is producing some 3.150 million barrels a day now and it is expected to add around 200,000 barrels a day by the end of this year from fields such as Majnoon and Garraf which is being developed by consortia led by Royal Dutch Shell PLC (RDSA) and Malaysia's Petronas, respectively.
Wednesday, 10 April 2013
Crudeoil news
Trend updated
for-Apr/11/2013.CMP-5140 The Crudeoil is in long- medium-
short-medium- term bull phase .Currently Crudeoil is moving sideways
The oscillator is showing SELL signal .In last 1 month volatality is
very less Buy the Crudeoil above 5539 or buy with strict stop at
5036. The oscillator is showing SELL signal For short term Crudeoil
is in SELL position.Positionally Support for the Crudeoil is
5116-5110-5096-5054-.Resistance for the Crudeoil is 5206-5216-
Currently Crudeoil is in HOLD LONG position
Crudeoil is moving sideways so short term investor better to buy if
close above 5194.0 closing below 5056.0 Sell will happen. The
oscillator is showing BUY signal
Intraday Trend- Buy is advised only above 5175.7 with a stop at 5117.1 Below 5104.4 go for sell and put stop at 5163
Intraday Resistance of CRUDEOIL are 5165.3/5186.4/5218.2/5237.3/5273.6/5309.9
Intraday Support of CRUDEOIL are 5114.7/5093.6/5041.2/5022.5/4987.1/4951.8
Intraday Trend- Buy is advised only above 5175.7 with a stop at 5117.1 Below 5104.4 go for sell and put stop at 5163
Intraday Resistance of CRUDEOIL are 5165.3/5186.4/5218.2/5237.3/5273.6/5309.9
Intraday Support of CRUDEOIL are 5114.7/5093.6/5041.2/5022.5/4987.1/4951.8
MCX CRUDE OIL NEWS
MCX CRUDE OILInternational: Major Support for WTI at USD89 Bullish above USD 91
Domestic: Buy at 5110, Stoploss 5085, Target 5140.
Domestic: Buy at 5110, Stoploss 5085, Target 5140.
Crudeoil news
Trend updated
for-Apr/10/2013.CMP-5133 The Crudeoil is in long- medium-
short-medium- term bull phase .Currently Crudeoil is showing some
down move and trend is strong momentum is also showing strength but
volume is unsatisfactory The open interest is not increasing with
trend .. The oscillator is showing SELL signal For short term
Crudeoil is in SELL position.Positionally Support for the
Crudeoil is 5110-5096-5049-.Resistance for the Crudeoil is 5212-5222-
Currently Crudeoil is in HOLD SHORT position
Crudeoil is moving sideways with low volatality so short term
investor better to buy if close above 5223.0 close below 5056.0 Sell
will happen. The Crudeoil is now trading in highly oversold level.
The oscillator is showing BUY signal
Intraday Trend-Intraday better to buy above 5212.2 and Sell if below5054.1
Intraday Resistance of CRUDEOIL are 5170.6/5201.8/5261.1/5297.4
Intraday Support of CRUDEOIL are 5095.4/5064.2/5029/5010.3/4974.9/4939.7
Intraday Trend-Intraday better to buy above 5212.2 and Sell if below5054.1
Intraday Resistance of CRUDEOIL are 5170.6/5201.8/5261.1/5297.4
Intraday Support of CRUDEOIL are 5095.4/5064.2/5029/5010.3/4974.9/4939.7
Tuesday, 9 April 2013
Crudeoil news
Trend updated
for-Apr/09/2013.CMP-5096 The Crudeoil is in long- term bull phase
.Currently Crudeoil is moving sideways The oscillator is showing SELL
signal .In last 1 month volatality is very less Buy the Crudeoil
above 5539 or buy with strict stop at 5016. The oscillator is showing
SELL signal For short term Crudeoil is in HOLD SHORT
position.Positionally Support for the Crudeoil is
5046-.Resistance for the Crudeoil is 5136-5145-5152-5207-5235-
Currently Crudeoil is in SELL position
Crudeoil is in down trend so buy above 5150.0 The sell will again
come if below 5056.0 The Crudeoil is now trading in highly oversold
level. The oscillator is showing BUY signal
Intraday Trend- Buy is advised above 5139.2 with a stop at 5069.4 Below 5052.9 go for sell
Intraday Resistance of CRUDEOIL are 5129/5156.4/5183.9/5203/5239.1/5275.3
Intraday Support of CRUDEOIL are 5063/5035.6/5007.5/4988.8/4953.6/4918.4
Intraday Trend- Buy is advised above 5139.2 with a stop at 5069.4 Below 5052.9 go for sell
Intraday Resistance of CRUDEOIL are 5129/5156.4/5183.9/5203/5239.1/5275.3
Intraday Support of CRUDEOIL are 5063/5035.6/5007.5/4988.8/4953.6/4918.4
Monday, 8 April 2013
Crudeoil news
Trend updated
for-Apr/08/2013.CMP-5107 The Crudeoil is in long- term bull phase
.Currently Crudeoil is moving sideways The oscillator is showing SELL
signal .In last 1 month volatality is very less Buy the Crudeoil
above 5539 or buy with strict stop at 5016. The oscillator is showing
SELL signal For short term Crudeoil is in HOLD SHORT
position.Positionally Support for the Crudeoil is
5044-.Resistance for the Crudeoil is 5137-5140-5152-5206-5249-
Currently Crudeoil is in HOLD SHORT position
The Crudeoil is in downtrend For short term buy only if close above
5182.0 The Crudeoil is now trading in highly oversold level. The
oscillator is showing SELL signal
Intraday Trend- Buy is advised above 5176 with a stop at 5067.5 Below 5038.2 go for sell
Intraday Resistance of CRUDEOIL are 5133.3/5159.6/5203.2/5241/5277.3/5313.7
Intraday Support of CRUDEOIL are 5080.7/5054.4/5010.8/4990.7/4955.5
Intraday Trend- Buy is advised above 5176 with a stop at 5067.5 Below 5038.2 go for sell
Intraday Resistance of CRUDEOIL are 5133.3/5159.6/5203.2/5241/5277.3/5313.7
Intraday Support of CRUDEOIL are 5080.7/5054.4/5010.8/4990.7/4955.5
Crude oil futures - Weekly outlook: April 8 - 12
New York-traded crude oil futures ended Friday’s session at a two-week
low, after a weaker-than-forecast U.S. nonfarm payrolls report for March
fuelled fears that the economic recovery is losing momentum, reducing
hopes for higher oil demand. Oil traders have long been taking
cues from the monthly jobs report, the most-closely followed indicator
of U.S. employment, because it offers insight into the economic health
of the world's biggest crude oil consumer.
A deteriorating economy is generally correlated with decreased demand for oil and fuel products like gasoline.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May shed 0.25% Friday to settle the week at USD93.02 a barrel by close of trade.
Nymex oil prices fell to a session low of USD91.97 earlier Friday, the weakest level since March 21. On the week, New York-traded oil futures lost 4.3%, the biggest weekly decline since September 21.
Oil prices came under heavy selling pressure after the U.S. Department of Labor said the economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000. The data also showed that the unemployment rate ticked down to 7.6% from 7.7% in February, but the decline stemmed from more people dropping out of the labor force. The labor participation rate fell to 63.3%, the lowest level since 1979.
But losses were limited as the dismal jobs report eased recent jitters the Federal Reserve would start to withdraw its super easy monetary policy, weighing on the U.S. dollar.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, fell 0.2% to end the week at 82.67.
Dollar-denominated oil futures contracts tend to rise when the dollar falls, as this makes oil cheaper for buyers in other currencies.
Oil prices were lower earlier in the week due to a number of disappointing economic reports from the euro zone and the U.S, while a surge in U.S. crude inventories to the highest level since 1990 further weighed.
In the week ahead, investors will be awaiting Wednesday’s minutes of the Fed’s March policy meeting for further hints on the future of its monetary policy.
Market participants will also be watching data on industrial production from Germany and the euro zone amid concerns over the deteriorating economic outlook for the region. Oil traders will also be looking ahead to a flurry of Chinese economic reports due later in the week to further gauge the strength of the world’s second largest economy.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery tumbled 1.9% Friday to settle the week at USD104.35 a barrel. Earlier Friday, Brent prices fell to a session low of USD103.64 a barrel, the weakest level since July 26.
The London-traded Brent contract lost 5.25% over the week, while the spread between the Brent and the crude contracts narrowed to USD11.33 a barrel, the smallest gap since June.
The spread between the two contracts continued to trade near a nine-month low, due to an improving production outlook in the North Sea and amid growing concerns over the euro zone’s economic outlook.
At the same time, U.S. oil stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, are declining as new pipelines relieve a supply glut there.
A deteriorating economy is generally correlated with decreased demand for oil and fuel products like gasoline.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May shed 0.25% Friday to settle the week at USD93.02 a barrel by close of trade.
Nymex oil prices fell to a session low of USD91.97 earlier Friday, the weakest level since March 21. On the week, New York-traded oil futures lost 4.3%, the biggest weekly decline since September 21.
Oil prices came under heavy selling pressure after the U.S. Department of Labor said the economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000. The data also showed that the unemployment rate ticked down to 7.6% from 7.7% in February, but the decline stemmed from more people dropping out of the labor force. The labor participation rate fell to 63.3%, the lowest level since 1979.
But losses were limited as the dismal jobs report eased recent jitters the Federal Reserve would start to withdraw its super easy monetary policy, weighing on the U.S. dollar.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, fell 0.2% to end the week at 82.67.
Dollar-denominated oil futures contracts tend to rise when the dollar falls, as this makes oil cheaper for buyers in other currencies.
Oil prices were lower earlier in the week due to a number of disappointing economic reports from the euro zone and the U.S, while a surge in U.S. crude inventories to the highest level since 1990 further weighed.
In the week ahead, investors will be awaiting Wednesday’s minutes of the Fed’s March policy meeting for further hints on the future of its monetary policy.
Market participants will also be watching data on industrial production from Germany and the euro zone amid concerns over the deteriorating economic outlook for the region. Oil traders will also be looking ahead to a flurry of Chinese economic reports due later in the week to further gauge the strength of the world’s second largest economy.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery tumbled 1.9% Friday to settle the week at USD104.35 a barrel. Earlier Friday, Brent prices fell to a session low of USD103.64 a barrel, the weakest level since July 26.
The London-traded Brent contract lost 5.25% over the week, while the spread between the Brent and the crude contracts narrowed to USD11.33 a barrel, the smallest gap since June.
The spread between the two contracts continued to trade near a nine-month low, due to an improving production outlook in the North Sea and amid growing concerns over the euro zone’s economic outlook.
At the same time, U.S. oil stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, are declining as new pipelines relieve a supply glut there.
Crudeoil news
MCX Crude oil prices have respected the falling
trend-line resistance of the triangular pattern and ended in a negative
zone. Also we can observe, it has formed a trend reversal candle stick
pattern called as "closed marubozu" on weekly charts which is another
strong supporting evidence for a bearish momentum in coming sessions and
downside targets would be around 5030 followed be 4955 levels.
However, any pull back will be restricted at 5180 levels and bring some selling pressure from the same. RSI-14 period & Momentum indicator both are placed in negative territory supporting the view.
Action - Sell
Entry - 5170-5180
Target - 5030/4955
Stop - 5277
However, any pull back will be restricted at 5180 levels and bring some selling pressure from the same. RSI-14 period & Momentum indicator both are placed in negative territory supporting the view.
Action - Sell
Entry - 5170-5180
Target - 5030/4955
Stop - 5277
Crudeoil news
Energy: Domestic oil futures were trading lower
tracking benchmark contracts on the New York Mercantile Exchange, where
prices declined following release of discouraging US non-farm payrolls
data. In domestic market, crude oil traded down on weak NYMEX cues and
appreciation in rupee against the dollar.
Dharmesh Bhatia of Kotak Commodities advises selling crude. Bagadia says, "Any rise above Rs 5,100 per bbl is a good level to short maintaining a stop loss of Rs 5,165-5,150 per bbl for a target around Rs 5,050 per bbl. One can expect the price heading towards Rs 4,950 per bbl also.
Dharmesh Bhatia of Kotak Commodities advises selling crude. Bagadia says, "Any rise above Rs 5,100 per bbl is a good level to short maintaining a stop loss of Rs 5,165-5,150 per bbl for a target around Rs 5,050 per bbl. One can expect the price heading towards Rs 4,950 per bbl also.
Friday, 5 April 2013
Crudeoil news
Trend updated
for-Apr/06/2013.CMP-5087 The Crudeoil is in long- term bull phase
.Currently Crudeoil is in strong uptrend but volume is unsatisfactory
The open interest is not increasing with trend . Cautious point is
buying at higer levels seems decreasing. The oscillator is showing
SELL signal For short term Crudeoil is in HOLD LONG
position.Positionally Support for the Crudeoil is
5041-.Resistance for the Crudeoil is 5133-5137-5152-5203-5254-
Currently Crudeoil is in HOLD SHORT position
The Crudeoil is in downtrend For short term buy only if close above
5216.0 The Crudeoil is now trading in highly oversold level. The
oscillator is showing SELL signal
Intraday Trend- Buy is advised above 5137.9 with a stop at 5056.5 Below 5036.2 go for sell
Intraday Resistance of CRUDEOIL are 5127.7/5161.5/5198.6/5234.7/5270.9
Intraday Support of CRUDEOIL are 5046.3/5012.5/4984.5/4949.3/4914.2
Intraday Trend- Buy is advised above 5137.9 with a stop at 5056.5 Below 5036.2 go for sell
Intraday Resistance of CRUDEOIL are 5127.7/5161.5/5198.6/5234.7/5270.9
Intraday Support of CRUDEOIL are 5046.3/5012.5/4984.5/4949.3/4914.2
Oil Caps Biggest Weekly Drop in Six Months on Jobs
West Texas Intermediate crude capped
the biggest weekly drop in six months as U.S. employers hired
less than half the number of workers forecast in March, raising
concern that economic growth won’t be strong enough to support
oil demand.
Prices tumbled for the fourth time in five days after the Labor Department said payrolls climbed by 88,000, the smallest gain in nine months. Economists surveyed by Bloomberg had expected an advance of 190,000. U.S. inventories increased to a 22-year high in an April 3 Energy Information Administration report as oil production stayed near the most since 1992.
“People are surprised by the jobs numbers,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “The market had been inflated for a while. Whether this represents the beginning of a bear run is not clear, but it’s clearly the ending of the bull run.”
WTI oil for May delivery dropped 56 cents, or 0.6 percent, to $92.70 a barrel on the New York Mercantile Exchange, the lowest settlement since March 21. The 4.7 percent weekly loss was the biggest since Sept. 21. Trading was 25 percent above the 100-day average for the time of day at 2:43 p.m.
Brent crude for May settlement declined $2.22, or 2.1 percent, to end the session at $104.12 a barrel on the London- based ICE Futures Europe exchange, the lowest closing price since July 24. Trading was 79 percent above the 100-day average.
Brent’s premium to WTI narrowed to $11.42, the least since June. Brent has slumped 6.3 percent this year, while WTI is up 1 percent.
The selloff in Brent is “likely overdone,” Goldman Sachs Group Inc. analysts including Stefan Wieler said in a report dated yesterday. The bank maintained its Brent price forecast of $110 a barrel for this quarter. The European benchmark averaged $112.64 in the first quarter.
The unemployment rate, derived from a separate survey of households, fell last month to 7.6 percent from 7.7 percent in February, the Labor Department said. The figure, the lowest since December 2008, reflected a 496,000 decline in the size of the labor force. The labor force participation rate fell to 63.3 percent, the lowest since May 1979.
This week’s loss in WTI wiped out last week’s gain of 3.8 percent, which came after a Commerce Department report showed that U.S. gross domestic product rose at a 0.4 percent annual rate in the fourth quarter, up from prior estimate of 0.1 percent.
U.S. crude stockpiles expanded by 2.71 million barrels in the week ended March 29 to 388.6 million, the most since 1990, the Energy Information Administration, the Energy Department’s statistical arm, said on April 3. Production was 7.15 million barrels a day.
Crude will probably fall next week on signs of slower economic growth, a Bloomberg survey showed. Fourteen of 26 analysts and traders, or 54 percent, forecast WTI will drop through April 12. Eight respondents, or 31 percent, predicted a gain and four said there will be little change.
The U.S. and the European Union accounted for 36 percent of world oil demand in 2011, according to BP Plc (BP/)’s Statistical Review of World Energy.
International negotiators from the U.S., Britain, France, Germany, Russia and China are holding nuclear-program talks with Iran today in Almaty, Kazakhstan. Early last year, tensions with Iran contributed to higher oil prices and a European Union embargo that started in July has curbed the country’s ability to export crude.
Oil reduced losses as the dollar weakened against the euro on speculation that the Federal Reserve will continue to support economic growth with its bond-buying stimulus program, known as quantitative easing.
“The Fed’s QE program is going to continue longer,” Schenker said.
Fed Vice Chairman Janet Yellen threw her support behind a proposal to vary the pace of the central bank’s bond buying based on changes in prospects for the world’s largest economy during a speech yesterday.
Implied volatility for at-the-money WTI crude options expiring in May was 19.6 percent at 3:40 p.m., down from 20.2 percent yesterday.
Electronic trading volume on the Nymex was 574,800 contracts as of 3:42 p.m. It totaled 782,882 contracts yesterday, 36 percent above the three-month average. Open interest was a record 1.76 million contracts.
Prices tumbled for the fourth time in five days after the Labor Department said payrolls climbed by 88,000, the smallest gain in nine months. Economists surveyed by Bloomberg had expected an advance of 190,000. U.S. inventories increased to a 22-year high in an April 3 Energy Information Administration report as oil production stayed near the most since 1992.
“People are surprised by the jobs numbers,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “The market had been inflated for a while. Whether this represents the beginning of a bear run is not clear, but it’s clearly the ending of the bull run.”
WTI oil for May delivery dropped 56 cents, or 0.6 percent, to $92.70 a barrel on the New York Mercantile Exchange, the lowest settlement since March 21. The 4.7 percent weekly loss was the biggest since Sept. 21. Trading was 25 percent above the 100-day average for the time of day at 2:43 p.m.
Brent crude for May settlement declined $2.22, or 2.1 percent, to end the session at $104.12 a barrel on the London- based ICE Futures Europe exchange, the lowest closing price since July 24. Trading was 79 percent above the 100-day average.
Brent Contango
Front-month Brent futures settled below the second-month contract for the first time in nine months, a pricing structure known as a contango which may signal declining near-term demand or rising supply. June Brent ended the session at $104.15.Brent’s premium to WTI narrowed to $11.42, the least since June. Brent has slumped 6.3 percent this year, while WTI is up 1 percent.
The selloff in Brent is “likely overdone,” Goldman Sachs Group Inc. analysts including Stefan Wieler said in a report dated yesterday. The bank maintained its Brent price forecast of $110 a barrel for this quarter. The European benchmark averaged $112.64 in the first quarter.
The unemployment rate, derived from a separate survey of households, fell last month to 7.6 percent from 7.7 percent in February, the Labor Department said. The figure, the lowest since December 2008, reflected a 496,000 decline in the size of the labor force. The labor force participation rate fell to 63.3 percent, the lowest since May 1979.
Unemployment Rate
“This is a disappointing jobs report and oil should trade lower,” said Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant.This week’s loss in WTI wiped out last week’s gain of 3.8 percent, which came after a Commerce Department report showed that U.S. gross domestic product rose at a 0.4 percent annual rate in the fourth quarter, up from prior estimate of 0.1 percent.
U.S. crude stockpiles expanded by 2.71 million barrels in the week ended March 29 to 388.6 million, the most since 1990, the Energy Information Administration, the Energy Department’s statistical arm, said on April 3. Production was 7.15 million barrels a day.
Crude will probably fall next week on signs of slower economic growth, a Bloomberg survey showed. Fourteen of 26 analysts and traders, or 54 percent, forecast WTI will drop through April 12. Eight respondents, or 31 percent, predicted a gain and four said there will be little change.
Iran Talk
Oil also declined as euro-area retail sales fell in February. Sales in the 17-nation currency bloc decreased 0.3 percent from January, when they rose a revised 0.9 percent, the European Union’s statistics office in Luxembourg said today.The U.S. and the European Union accounted for 36 percent of world oil demand in 2011, according to BP Plc (BP/)’s Statistical Review of World Energy.
International negotiators from the U.S., Britain, France, Germany, Russia and China are holding nuclear-program talks with Iran today in Almaty, Kazakhstan. Early last year, tensions with Iran contributed to higher oil prices and a European Union embargo that started in July has curbed the country’s ability to export crude.
Oil reduced losses as the dollar weakened against the euro on speculation that the Federal Reserve will continue to support economic growth with its bond-buying stimulus program, known as quantitative easing.
“The Fed’s QE program is going to continue longer,” Schenker said.
Fed Vice Chairman Janet Yellen threw her support behind a proposal to vary the pace of the central bank’s bond buying based on changes in prospects for the world’s largest economy during a speech yesterday.
Dollar Declines
The dollar fell to $1.304 per euro, the lowest level since March 25. A weaker dollar increases oil’s appeal as an investment alternative.Implied volatility for at-the-money WTI crude options expiring in May was 19.6 percent at 3:40 p.m., down from 20.2 percent yesterday.
Electronic trading volume on the Nymex was 574,800 contracts as of 3:42 p.m. It totaled 782,882 contracts yesterday, 36 percent above the three-month average. Open interest was a record 1.76 million contracts.
Crudeoil news
Crude prices are expected to hold 5040 on lower end we expect a range bound session from 5170 to 5040 for the day.
Gold prices are expected to bounce till 29550 -29600 whereby we expect profit booking. One can buy on dips around 29330- 29300 with a stop below 29200.
Silver prices are expected to witness a bounce till 51800 as its holding support at 50600 we expect buying around 50800 -50750 maintaining a strict stop loss below 50400.
Copper prices are expected to witness range bound move from 413 to 405. One can buy around 407 with a stop below 404.
Gold prices are expected to bounce till 29550 -29600 whereby we expect profit booking. One can buy on dips around 29330- 29300 with a stop below 29200.
Silver prices are expected to witness a bounce till 51800 as its holding support at 50600 we expect buying around 50800 -50750 maintaining a strict stop loss below 50400.
Thursday, 4 April 2013
Crudeoil news
Trend updated
for-Apr/05/2013.CMP-5094 The Crudeoil is in long- term bull phase
.Currently Crudeoil is in strong uptrend but volume is unsatisfactory
The open interest is not increasing with trend . Cautious point is
buying at higer levels seems decreasing. The oscillator is showing
SELL signal For short term The current position is BUY and
Crudeoil closed below 1 week low with volume signals down
breakout.Positionally Support for the Crudeoil is 5039-.Resistance
for the Crudeoil is 5129-5139-5151-5201-5257-
Crudeoil and closed below 1 week low with volume
signals down breakoutCurrently Crudeoil is in HOLD SHORT position
The Crudeoil is in downtrend For short term buy only if close above
5277.0 Selling pressure seems to be deceasing so Short term investor
with risk aptitude can enter again if it close above 5311.0 but
caution- close Below low5 fresh selling can occur The Crudeoil is now
trading is approaching oversold level. The oscillator is showing SELL
signal
Intraday Trend- Buy is advised above 5185.5 with a stop at 5043.3 Below 5002.8 go for sell
Intraday Resistance of CRUDEOIL are 5134.6/5175.2/5242.6/5274.9/5311.3
Intraday Support of CRUDEOIL are 5053.4/5012.8/4945.4/4988.4/4953.2
Crudeoil news
Trend updated
for-Apr/04/2013.CMP-5199 The Crudeoil is in long- medium-
short-medium- short- term bull phase .Currently Crudeoil is in strong
uptrend and the trend is supported with good volume The open interest
is not increasing with trend . Cautious point is buying at higer
levels seems decreasing. The oscillator is on SELL signal and
Crudeoil is coming down from overbought level For short term The
current position is BUY and Crudeoil closed below 1 week low
with volume signals down breakout.Positionally Support for the
Crudeoil is 5157-5108-5101-5083-5036-.Resistance for the Crudeoil is
5256-
Crudeoil and closed below 1 week low with volume
signals down breakoutCurrently Crudeoil is in HOLD SHORT position
Crudeoil has formed a new 5 day low yesterday but failed to keep the
trend so if selling has to considered better below5128 Buy if above
5517.0 The oscillator is showing SELL signal
Intraday Trend-
Buy is advised above 5270.2 with a stop at 5158.3 Below 5128 go for
sell
Intraday Resistance of CRUDEOIL are
5227.2/5255.3/5302.1/5338.4/5375/5411.7
Intraday Support of CRUDEOIL are 5170.8/5142.7/5095.9/5085.7/5050.1
Intraday Support of CRUDEOIL are 5170.8/5142.7/5095.9/5085.7/5050.1
Crudeoil news
Crude oil futures were little changed near a one-week low on Thursday,
as investors looked ahead to the European Central Bank’s policy decision
due later in the day, as well as Friday’s U.S. jobs data for trading
cues.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD94.48 a barrel during European morning trade, almost flat on the day.
New York-traded oil prices traded in a tight range between USD94.23 a barrel, the daily low and a session high of USD94.64 a barrel.
Nymex oil prices fell almost 3% on Wednesday to hit USD94.19 a barrel, the lowest level since March 25, after a U.S. government report showed oil supplies rose more-than-expected last week, while a separate report showed that U.S. employers added less jobs than forecast last month.
Oil traders now looked ahead to Friday’s highly-anticipated U.S. monthly nonfarm payrolls report to further asses the strength of the country’s economy.
Oil traders have long been taking cues from the monthly jobs report, the most-closely followed indicator of U.S. employment, because it offers insight into the economic health of the world's biggest crude oil consumer.
An improving economy is generally correlated with increased demand for oil and fuel products like gasoline.
Investors also awaited the European Central Bank’s policy decision due later in the day, as well as comments by ECB President Mario Draghi for further hints on the future of its monetary policy.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery added 0.3% to trade at USD107.45 a barrel, with the spread between the Brent and crude contracts standing at USD12.97 a barrel.
The spread between the two contracts continued to trade near a nine-month low, due to an improving production outlook in the North Sea and amid growing concerns over the euro zone’s economic outlook.
At the same time, U.S. oil stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, are declining as new pipelines relieve a supply glut there.
Crude inventories at Cushing fell by 287,000 barrels to 49.2 million last week, according to the EIA.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD94.48 a barrel during European morning trade, almost flat on the day.
New York-traded oil prices traded in a tight range between USD94.23 a barrel, the daily low and a session high of USD94.64 a barrel.
Nymex oil prices fell almost 3% on Wednesday to hit USD94.19 a barrel, the lowest level since March 25, after a U.S. government report showed oil supplies rose more-than-expected last week, while a separate report showed that U.S. employers added less jobs than forecast last month.
Oil traders now looked ahead to Friday’s highly-anticipated U.S. monthly nonfarm payrolls report to further asses the strength of the country’s economy.
Oil traders have long been taking cues from the monthly jobs report, the most-closely followed indicator of U.S. employment, because it offers insight into the economic health of the world's biggest crude oil consumer.
An improving economy is generally correlated with increased demand for oil and fuel products like gasoline.
Investors also awaited the European Central Bank’s policy decision due later in the day, as well as comments by ECB President Mario Draghi for further hints on the future of its monetary policy.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery added 0.3% to trade at USD107.45 a barrel, with the spread between the Brent and crude contracts standing at USD12.97 a barrel.
The spread between the two contracts continued to trade near a nine-month low, due to an improving production outlook in the North Sea and amid growing concerns over the euro zone’s economic outlook.
At the same time, U.S. oil stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, are declining as new pipelines relieve a supply glut there.
Crude inventories at Cushing fell by 287,000 barrels to 49.2 million last week, according to the EIA.
Crudeoil news
Nirmal Bang has come out with its report on Gold, Silver,
Copper, Nickel, Lead and Crude oil. According to the research firm,
Gold prices witnessed a selloff after the break down, prices are
expected to further ahead down till 29000. Sell on rise should be the
strategy. On Comex USD 1520 is acting as a support, below which we
expect a major fall till USD 1450.
Silver prices are expected to trade weak one could sell on rise. On Comex prices are holding a major support at USD 26, a break below which could result a huge fall in price.
Crude prices are expected to test 5100 on down side one can sell around 5200 with a stop loss above 5250
Silver prices are expected to trade weak one could sell on rise. On Comex prices are holding a major support at USD 26, a break below which could result a huge fall in price.
Crude prices are expected to test 5100 on down side one can sell around 5200 with a stop loss above 5250
Wednesday, 3 April 2013
Crudeoil news
Energy: Crude oil futures on the MCX were trading lower
tracking the fall in benchmark contracts on the New York Mercantile
Exchange and on the slight appreciation in the rupee against the US
dollar. On NYMEX, crude oil futures traded mostly weak on release of
weak US manufacturing data and anticipation of a rise in US crude oil
stocks
MCX Crude oil April contract is looking positive for the day. Market may find support near 5270 & 5220; intraday resistance can be seen near 5320 & 5370. Day traders are advised to buy intraday on dips. (Buy around 5270 with SL 5220, for the target of 5320 & 5370.)
MCX Crude oil April contract is looking positive for the day. Market may find support near 5270 & 5220; intraday resistance can be seen near 5320 & 5370. Day traders are advised to buy intraday on dips. (Buy around 5270 with SL 5220, for the target of 5320 & 5370.)
Crudeoil news
Crude oil prices ended higher yesterday, tracking
rising global equity markets after some positive factory data out of the
U.S. Investors also weighed some encouraging U.S. automobile sales data
for March, with most car makers recording significant growth, fueling
hopes of demand growth for oil. U.S. crude stocks increased sharply
last week, refined fuel inventories fell, and crude imports rose, data
from industry group the American Petroleum Institute showed on Tuesday.
Japan is offering to sell a total 700,000 kilolitres, or about 4.4
million barrels, of crude from the government's Strategic Petroleum
Reserves, aiming to replace them with other grades, a tender document
from the trade ministry showed on Tuesday.
Gasoline stocks independently held in Europe's Amsterdam-Rotterdam- Antwerp hub rose this week by 8.25 percent to 1 million tonnes as traders switch to summer-grade product, data from Dutch oil analyst Pieter Kulsen showed on Thursday. Libya's crude oil exports totalled 41.966 million barrels in February, state energy firm the National Oil Corporation (NOC) said on Tuesday. Output of oil and natural gas in Brazil fell for the 11th straight month in February as repairs to existing platforms in the country's main producing region put wells out of service, Brazil's petroleum regulator, the ANP, said on Tuesday.
Fundamental Outlook:
Crude oil prices are trading lower on NYMEX today. We expect a further drop in the prices of oil on account of higher inventory at key ports. Selling on rise is recommended for the day.
Gasoline stocks independently held in Europe's Amsterdam-Rotterdam- Antwerp hub rose this week by 8.25 percent to 1 million tonnes as traders switch to summer-grade product, data from Dutch oil analyst Pieter Kulsen showed on Thursday. Libya's crude oil exports totalled 41.966 million barrels in February, state energy firm the National Oil Corporation (NOC) said on Tuesday. Output of oil and natural gas in Brazil fell for the 11th straight month in February as repairs to existing platforms in the country's main producing region put wells out of service, Brazil's petroleum regulator, the ANP, said on Tuesday.
Fundamental Outlook:
Crude oil prices are trading lower on NYMEX today. We expect a further drop in the prices of oil on account of higher inventory at key ports. Selling on rise is recommended for the day.
Tuesday, 2 April 2013
Crudeoil news
Trend updated
for-Apr/03/2013.CMP-5304 The Crudeoil is in perfect uptrend
.Currently Crudeoil is in strong uptrend and the trend is supported
with good volume The open interest is not increasing with trend .
Cautious point is buying at higer levels seems decreasing. The
oscillator is showing BUY signal For short term The current position
is BUY .Positionally Support for the Crudeoil is
5200-5146-5106-5101-5075-5033-. Immediate resistance for Crudeoil is
5539
Currently Crudeoil is in HOLD LONG position
Crudeoil is in profit booking mode so hold with stop at 5267 The
oscillator is showing SELL signal
Intraday Trend- Buy is advised only above 5352.3 with a stop at 5274.6 Below 5255.9 go for sell and put stop at 5333.4
Intraday Resistance of CRUDEOIL are 5341.6/5372.8/5432.4/5469.3
Intraday Support of CRUDEOIL are 5266.4/5235.2/5196.5/5177.5/5141.6/5105.8
Crudeoil trend and news
Trend updated
for-Apr/02/2013.CMP-5285 The Crudeoil is in perfect uptrend
.Currently Crudeoil is in strong uptrend and the trend is supported
with good volume The open interest is not increasing with trend .
Cautious point is buying at higer levels seems decreasing. The
oscillator is showing BUY signal For short term The current position
is BUY .Positionally Support for the Crudeoil is
5178-5128-5103-5099-5064-5028-. Immediate resistance for Crudeoil is
5539
Currently Crudeoil is in HOLD LONG position
In short term Crudeoil is in strong up trend so hold with stop at
5270 The Crudeoil is now trading is approaching overbought level. The
oscillator is on SELL signal and Crudeoil is coming down from
overbought level
Intraday Trend- Buy is advised above 5379.9 with a stop at 5232.4 Below 5190.4 go for sell with stop at 5337.8
Intraday Resistance of CRUDEOIL are 5324.9/5364.8/5431.1/5454.7/5491.7
Intraday Support of CRUDEOIL are 5245.1/5205.2/5138.9/5163.3/5127.4
Crude oil news and trend
MCX Crude oil April contract is looking positive for
the day. Market may find support near 5260 & 5210; intraday
resistance can be seen near 5320 & 5370. Day traders are advised to
buy intraday on dips. (Buy around 5260 with SL 5210, for the target of
5320 & 5370.)
Monday, 1 April 2013
Crudeoil news and trend
Trend updated
for-Apr/01/2013.CMP-5400 The Crudeoil is in perfect uptrend
.Currently Crudeoil is in strong uptrend and the trend is supported
with good volume The open interest is not increasing with trend . In
last few days lot of positive accumulation happened in the Crudeoil
Cautious point is buying at higer levels seems decreasing. The
oscillator is showing BUY signal For short term The current position
is BUY .Positionally Support for the Crudeoil is
5155-5112-5099-5098-5055-5024-. Immediate resistance for Crudeoil is
5539
Currently Crudeoil is in HOLD LONG position
In short term Crudeoil is in strong up trend so hold with stop at
5261 The Crudeoil is now trading in highly overbought level. The
oscillator is showing SELL signal
Intraday Trend- Buy is advised above 5529 with a stop at 5330.4 Below 5271.5 go for sell with a stop at 5469.9
Intraday Resistance of CRUDEOIL are 5457.2/5514.5/5609.5/5557.4/5594.8
Intraday Support of CRUDEOIL are 5342.8/5285.5/5190.5/5263.2/5227
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