Natural Gas market under fresh selling; Support seen at 188.2
Fresh selling seen in MCX Nickel; Support seen at 946.1
MCX Aluminium likely to move in a range of 137.2-141.8
MCX Mentha Oil market under fresh buying; Resistance seen at 1622.6
Short covering seen in MCX Cotton
Technically MCX Crude Oil is getting support at 4809 and below same could see a test of 4734 levels and resistance is now likely to be seen at 4933, a move above could see prices testing 4982.
Crude Oil on MCX settled up 2.18% at 4884 as strike actions in Norway and Iraq hit supplies, but prices ended the second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions.
Oil approached $80 in June and early July due to Libyan and Venezuelan supply disruptions and fears the United States would press all buyers of Iranian oil to cut imports to zero from November.
OPEC and non-OPEC oil producers will act in the event developments in Venezuela and Libya cause an oil market deficit, Russian Energy Minister Alexander Novak told reporters. If there is a need to increase global oil output by more than a currently agreed one million barrels per day, members of the deal can discuss the issue, Novak said, adding that trade tensions between the United States and China were affecting oil prices.
OPEC forecast world demand for its crude will decline next year as growth in consumption slows and rivals pump more, pointing to a market surplus returning despite an OPEC-led pact to restrain supplies.
Giving its first 2019 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.18 million barrels per day (bpd) of crude from its 15 members next year, down 760,000 bpd from this year.
OPEC said its oil output in June rose above the 2019 demand forecast. Saudi Arabia pumped more as it heeded calls from the United States and other consumers to make up for shortfalls elsewhere and cool rising prices.
Trading Ideas:
–Crude Oil trading range for the day is 4734-4982.
–Crude oil prices rose as strike actions in Norway and Iraq hit supplies, but prices ended the second straight week of decline after Libyan ports reopened.
–Energy minister Alexander Novak said that Russia this month has restored 80 percent of the oil production it cut under a pact with other producers.
–OPEC and non-OPEC oil producers will act in the event developments in Venezuela and Libya cause an oil market deficit, Russian Energy Minister told.
Courtesy: Kedia Commodities
Source: Commodityonline.com
