Zinc market under long liquidation; Support seen at 178.4
MCX Copper may trade in a range between 424.1-435.5
Natural Gas market under short covering; Resistance seen at 191.3
MCX Silver may trade between 38198-38864 levels
Gold market under short covering; Support seen at 29808
Technically MCX Crude Oil is getting support at 4720 and below same could see a test of 4662 levels and resistance is now likely to be seen at 4817, a move above could see prices testing 4856.
Crude Oil on MCX settled up 0.7% at 4778 after data showed a large draw in U.S. crude stockpiles as imports fell sharply. Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane.
Saudi Arabia, the world’s biggest oil exporter, said that it was “temporarily halting” all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb after an attack on two big oil tankers by Yemen’s Iran-aligned Houthi movement.
Saudi Energy Minister Khalid al-Falih said in a statement that the Houthis had attacked two Saudi Very Large Crude Carriers (VLCCs) in the Red Sea on Wednesday morning, one of which sustained minimal damage.
U.S. crude stocks fell last week, while gasoline and distillate inventories also declined, the Energy Information Administration said. Crude inventories fell by 6.1 million barrels in the week to July 20, compared with expectations for a decrease of 2.3 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels, EIA said. Refinery crude runs rose by 46,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.5 percentage points.
Gasoline stocks fell by 2.3 million barrels, compared with analysts’ expectations in a Reuters poll for a 713,000-barrel drop. Distillate stockpiles , which include diesel and heating oil, fell by 101,000 barrels, versus expectations for a 207,000-barrel increase, the EIA data showed. Russia’s energy ministry revised higher its forecast for 2018 domestic crude oil output Wednesday after the OPEC/non-OPEC deal agreed last month eased curbs on production.
Trading Ideas:
–Crude oil trading range for the day is 4662-4856.
–Crude oil prices settled higher after data showed a large draw in U.S. crude stockpiles as imports fell sharply.
–Crude inventories fell by 6.1 million barrels in the week to July 20, compared with expectations for a decrease of 2.3 million barrels.
–Russia’s oil production this year will increase to 551 million tonnes, a new 30-year high and up by around 3.5 million tonnes, Energy Minister Alexander Novak said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
