Crude Oil
Weekly Price Performance
• In the last week, Nymex crude oil prices declined by 1 percent, with prices testing a low
of $103.5/bbl on the back of restart in Libya’s oil production. However, sharp declines
were cushioned on the back of positive economic data from major global economies.
• On the MCX, near month crude oil contract gained 3 percent as a result of Rupee
depreciation and touched a high of Rs.6927/bbl in the last week.
• Year-to-date, oil prices are up by 16 percent and on the MCX the commodity is up by
whopping 37 percent. The difference in gains in prices is mainly on the back of sharp
depreciation in the Rupee.
Increase in Libyan Oil output to seen due to resumption of Brega exports
• Libya said it will resume oil exports from Brega, one of four ports, where it had declared
force majeure, as protests had shut the facility since July end.
• The nation is currently pumping 670,000 barrels of crude a day, an Oil Ministry official
said today.
• Brega may add some 90,000 barrels a day to Libya’s exports that are running at 500,000
barrels a day.
Outlook
• Crude Oil prices this week are expected to trade higher on the back of estimates of rise
in US GDP ,which in turn will boost sentiments for increase in demand for the
commodity.
• Further, a weaker DX and declining trend in crude oil inventories will be supportive.
• However,sharp upside will be capped on account of restart of Libya’s oil output.
• Rupee depreciation will lead to positive movement in prices on the MCX.
Weekly Technical Levels
• Nymex Crude Oil: Support: $105.70/$104.10 Resistance $108.10/110.10. (CMP:$106.32)
• Buy MCX Crude September between 6790-6780, SL-6730, Target -6960. (CMP:Rs 6760)
Weekly Price Performance
• In the last week, Nymex crude oil prices declined by 1 percent, with prices testing a low
of $103.5/bbl on the back of restart in Libya’s oil production. However, sharp declines
were cushioned on the back of positive economic data from major global economies.
• On the MCX, near month crude oil contract gained 3 percent as a result of Rupee
depreciation and touched a high of Rs.6927/bbl in the last week.
• Year-to-date, oil prices are up by 16 percent and on the MCX the commodity is up by
whopping 37 percent. The difference in gains in prices is mainly on the back of sharp
depreciation in the Rupee.
Increase in Libyan Oil output to seen due to resumption of Brega exports
• Libya said it will resume oil exports from Brega, one of four ports, where it had declared
force majeure, as protests had shut the facility since July end.
• The nation is currently pumping 670,000 barrels of crude a day, an Oil Ministry official
said today.
• Brega may add some 90,000 barrels a day to Libya’s exports that are running at 500,000
barrels a day.
Outlook
• Crude Oil prices this week are expected to trade higher on the back of estimates of rise
in US GDP ,which in turn will boost sentiments for increase in demand for the
commodity.
• Further, a weaker DX and declining trend in crude oil inventories will be supportive.
• However,sharp upside will be capped on account of restart of Libya’s oil output.
• Rupee depreciation will lead to positive movement in prices on the MCX.
Weekly Technical Levels
• Nymex Crude Oil: Support: $105.70/$104.10 Resistance $108.10/110.10. (CMP:$106.32)
• Buy MCX Crude September between 6790-6780, SL-6730, Target -6960. (CMP:Rs 6760)
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ReplyDeleteCrude Oil Trading Tips For Today
ReplyDeleteCRUDEOIL (19 NOV) TREND: BEARISH
RES 1: 6050 RES 2: 6100
SUPP 1: 5940 SUPP 2: 5880
STRATEGY: SELL ON HIGHS
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