MCX Natural Gas may trade in a range between 186.8-192.4
MCX Silver may trade between 38742-39388 levels
MCX Gold under long liquidation; Support seen at 30019
Long liquidation seen in MCX Cotton
MCX Cardamom under fresh buying; Resistance seen at 1095.3
Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by 17.23% to settled at 10672 while prices down 242 rupees.
Now Crude Oil is getting support at 4562 and below same could see a test of 4483 levels and resistance is now likely to be seen at 4789, a move above could see prices testing 4937.
Crude Oil on MCX settled down 4.95% at 4642 as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.
While Libyan ports are reopening, output at the Sharara oilfield was expected to fall by at least 160,000 barrels per day (bpd) after two workers were abducted by an unknown group, the National Oil Corporation said. With the drop in Iranian crude supplies likely to be less than many had anticipated, investors have lowered expectations for a shortage in global crude supplies.
Expectations of increased crude supplies were heightened as Libyan ports reopened, while Iraq output reportedly soared in the first half of the July . Iraq crude exports jumped 6% to 4.05 million barrels a day (bpd) in the first half of July from 3.839 million bpd for the entire month of June, according to tanker tracking.
The slump in oil prices comes as oil market observers were monitoring potential comments on oil markets at the meeting between President Donald Trump and Russian President Vladimir Putin on Monday.
Putin hinted that the U.S. and Russia could work together in a constructive way to regulate the international energy markets as an extreme drop in prices was not in Russia’s interest. Attention has shifted toward weekly U.S. petroleum inventory data from the American Petroleum Institute on Tuesday, and from the Energy Information Administration on Wednesday.
Trading Ideas:
–Crude Oil trading range for the day is 4483-4937.
–Crude oil fell as concerns about supply disruptions eased and Libyan ports resumed export activities.
–The focus shifted toward possible supply increases, even as a Norwegian union for workers on offshore oil and gas drilling rigs stepped up a six-day strike.
–Russia and other major oil producers may increase output further should supply shortages hit the global oil market, Russian Energy Minister Alexander Novak said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
