MCX Natural Gas may trade in a range between 185.8-195.2
MCX Zinc under long liquidation; Support seen at 190.5
MCX Silver may trade in a range between 39851-40713
MCX Copper likely to move in a range of 451.8-459.2
Gold market under long liquidation; Support seen at 33311
Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by -10.38% to settled at 8905 while prices down 28 rupees, now Crudeoil is getting support at 4032 and below same could see a test of 4003 level, And resistance is now likely to be seen at 4100, a move above could see prices testing 4139.
Crude Oil on MCX settled down -0.68% at 4061 with concerns over excess supply in the market weighing on the prices. Despite the slowdown in economic growth that emerged in late 2018, oil prices have been driven up this year by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
U.S. crude oil inventories increased last week, the Energy Information Administration said in its weekly report. The EIA data showed that crude oil inventories rose by 3.67 million barrels in the week to Feb. 15.
The EIA report also showed that gasoline inventories fell by 1.45 million barrels, compared to expectations for a draw of 0.35 million barrels, while distillate stockpiles decreased by 1.52 million barrels, compared to forecasts for a decline of 1.69 million.
OPEC, as well as some non-affiliated producers such as Russia, agreed late last year to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from growing. The main factor keeping oil prices from rising even further is soaring U.S. oil production, which rose by more than 2 million bpd last year, to a record 11.9 million bpd.
The swelling output has resulted in rising U.S. oil inventories. The American Petroleum Institute (API) reported a surprise increase in crude stocks. U.S. crude stocks for the week ended February 15 were up 1.3 million barrels, the API said.
–Crude oil trading range for the day is 4003-4139.
–Crude oil edged lower with concerns over excess supply in the market weighing on the prices.
–The EIA data showed that crude oil inventories rose by 3.67 million barrels in the week to Feb. 15.
–The main factor keeping oil prices from rising even further is soaring U.S. oil production, which rose by more than 2 mbpd last year, to a record 11.9 million bpd.
Courtesy: Kedia Commodities