Crude Oil
Crude oil prices sold-off post the inventory
data yesterday. Failure to break below 3100 will see prices rebound towards
3200-3210 levels again. Fresh selling can be seen as prices approach these
levels. The outlook will be that of sell on rise until prices stay below 3260
levels. A break below 3100 will open downside targets of 3050/3040 for crude.
Natural Gas.
Natural Gas prices need to break above 165 levels for a positive reversal in the counter. A decisive break below 159 will open downside targets of 155 levels in natural gas. A breakout above 165 will see prices rebound towards 167.60 levels.
Crude oilNatural Gas.
Natural Gas prices need to break above 165 levels for a positive reversal in the counter. A decisive break below 159 will open downside targets of 155 levels in natural gas. A breakout above 165 will see prices rebound towards 167.60 levels.
Crude oil attempted to rally on Friday but largely
failed in this endeavor. West
Texas Intermediate oil almost
erased its rally while the Brent grade
demonstrated substantial losses.
Crude declined even though the number of US oil
rigs continued to shrink. Baker Hughes reported that drillers removed nine rigs this
week.
No comments:
Post a Comment