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Thursday, December 9, 2021

Crude Oil market under fresh buying; Support seen at 5044

MCX Nickel may trade between 955.3-984.5 levels

MCX Aluminium under fresh selling; Support seen at 142.2

MCX Mentha Oil likely to trade in a range of 1430.4-1511.4

Zinc market under fresh selling; Support seen at 178.8

MCX Copper under fresh selling; Support seen at 429.9

Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 1.7% to settled at 21148 while prices up 22 rupees.

Now MCX Crude Oil is getting support at 5044 and below same could see a test of 5016 levels and resistance is now likely to be seen at 5116, a move above could see prices testing 5160.

Crude Oil on MCX settled up 0.44% at 5071 as hundreds of oil workers in Norway were set to strike later in the day, raising concerns of potential supply shortages. United Araba Emirates Energy Minister Suhail Al Mazrouei said the OPEC and its allies are “doing what they could” to offset crude output shortfalls.

U.S. crude inventories fell last week by 6.8 million barrels, according to data from industry group, the American Petroleum Institute. U.S. Secretary of State Mike Pompeo said the White House would consider extending sanctions relief to some oil buyers of Iranian crude beyond the previously announced November deadline.

Investor fears that the loss of Iranian crude could be less than initially anticipated, reducing the prospect of a meaningful global supply shortage, overshadowed reports about a fresh supply outage. Shell’s Knarr field in Norway was taken offline – which produces around 23,000 barrels of oil per day – after 669 oil rig workers in Norway went on strike Tuesday as wage talks failed.

The disruptions in Norway exacerbated unplanned outages in Libya and Canada, which had already trimmed global inventories. Libya’s national oil output has dropped to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February, the head of the National Oil Corporation said on Monday.

The U.S. Energy Information Administration raised its 2019 estimate on U.S. crude-oil production, according to the agency’s July short-term Energy Outlook report released Tuesday.        

Trading Ideas:
–Crude Oil trading range for the day is 5016-5160.
–Crude oil prices gained as hundreds of oil workers in Norway were set to strike later in the day, raising concerns of potential supply shortages.
–United Araba Emirates Energy Minister Suhail Al Mazrouei said the OPEC and its allies are “doing what they could” to offset crude output shortfalls.
–Suncor Energy said its Syncrude oil sands project in Canada would resume some production in July, sooner than expected, and hit full capacity in September.

Courtesy: Kedia Commodities 

Source: Commodityonline.com

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