Natural Gas may trade in a range of 200.3-211.9
MCX Crude Palm Oil under fresh buying; Resistance seen at 576
MCX Silver likely to trade between 40022-40632 levels
NCDEX Ref. Soya Oil under short covering
MCX Gold may trade in a range between 32743-33067
Technically now Crude Oil is getting support at 3827 and below same could see a test of 3747 levels and resistance is now likely to be seen at 3955, a move above could see prices testing 4003.
Crude oil gained boosted by U.S. government data that showed signs of tightening supply, as investors remained concerned about supply disruptions following U.S. sanctions on Venezuela’s oil industry.
Government data showed U.S. crude oil stockpiles rose less than expected last week due to a drop in imports, while gasoline inventories fell from record highs as refiners slowed down production. Crude inventories rose 919,000 barrels, the Energy Information Administration said.
Crude oil gained as concerns about supply disruptions following U.S. sanctions on Venezuela’s oil industry outweighed downward pressure from a darkening outlook for the global economy. Washington on Monday announced export sanctions against state-owned oil firm Petroleos de Venezuela SA, limiting transactions between U.S. companies that do business with Venezuela through purchases of crude oil and sales of refined products.
The sanctions aim to freeze sale proceeds from PDVSA’s exports of roughly 500,000 barrels per day (bpd) of crude oil to the United States. Although the move pushed up oil prices, markets appeared relatively relaxed as the sanctions only affect Venezuelan supply to the United States.
Global economic growth and fuel consumption are expected to slow this year amid a trade dispute between the United States and China, the world’s two biggest economies. Officials from Washington and Beijing are set to launch a new round of trade talks on Wednesday aimed at resolving their disputes amid which both sides have slapped hefty import tariffs on each other’s goods.
Trading Ideas:
–Crude Oil trading range for the day is 3747-4003.
–Crude Oil gained boosted by U.S. government data that showed signs of tightening supply, as investors remained concerned about supply disruptions.
–Government data showed U.S. crude oil stockpiles rose less than expected last week due to a drop in imports, while gasoline inventories fell from record highs.
–Saudis planning on further reducing oil output, exports next month
Courtesy: Kedia Commodities
Source: Commodityonline.com
