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Saturday, October 23, 2021

MCX Crude Oil may trade in a range between a 4538-4844

Copper market under fresh selling; Support seen at 408.8

Natural Gas likely to trade between 185-194.8 levels

Silver market under fresh selling; Support seen at 37978

MCX Cotton under long liquidation

MCX Cardamom under long liquidation; Support seen at 1114.4

Technically MCX Crude Oil is getting support at 4700 and below same could see a test of 4601 levels and resistance is now likely to be seen at 4864, a move above could see prices testing 4929.

Crude Oil on MCX settled up 2.13% at 4799 as data showing U.S. crude supplies fell and comments that Saudi Arabia’s exports would fall in August renewed expectations for a global shortage in crude supplies.

U.S. crude prices were boosted on forecasts that inventories at the U.S. oil delivery hub in Cushing, Oklahoma fell 1.8 million barrels, citing energy information provider Genscape.

The world’s biggest oil exporter expects its crude shipments to drop by roughly 100,000 barrels per day in August as it works to ensure it does not push oil into the market beyond customers’ needs, the kingdom’s OPEC governor Adeeb Al-Aama said.

“Despite the international oil markets being well balanced in the third quarter, there will still be substantial stock draws due to robust demand and seasonality factors in the second half,” Al-Aama said in a statement. He also said concerns that Saudi Arabia and its partners are moving to substantially oversupply the market are “without basis”.

Investors had scaled back expectations for a global oil supply shortage in recent weeks as Libya resumed exports and the U.S. softened its stance on Iranian crude buyers.

Data showed inventories of U.S. crude rose by 5.836 million barrels for the week ended July 13, confounding expectations for a draw of 3.622 million barrels. The unexpected build in crude supplies came as imports fell by 1.635m barrels a day (bpd), and output rose to a record 11 million bpd.

Trading Ideas:
–Crude oil trading range for the day is 4538-4844.
–Crude oil gained on comments that Saudi Arabia’s exports would fall in August renewed expectations for a global shortage in crude supplies.
–The Energy Information Administration (EIA) showed an unexpected build in U.S. crude stockpiles amid a surge in imports.
–Inventories of U.S. crude rose by 5.836 million barrels for the week ended July 13, comparing to expectations for a draw of 3.622 million barrels.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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