Tag Archives: natural gas tips

Oil price near $95 ahead of US jobs report

7 Jun

Oil rose modestly Friday ahead of the release of a key US jobs report that traders will examine for clues to the health of the US economy.

Benchmark oil for July delivery was up 14 cents to USD 94.90 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained USD 1.02 to finish at USD 94.76 a barrel Thursday.

The US Labor Department will release its employment report for May later in the day. A good result is expected, following a drop in jobless claims reported on Thursday.

Oil prices were also being supported by a weaker dollar and a bigger-than-expected drop in crude inventories reported by the US Energy Department and the American Petroleum Institute for the week ending May 31, said Matt Basi at CMC Markets in a commentary.

crude oil tips | natural gas tips

Brent crude, a benchmark for many international oil varieties, rose 17 cents to USD 103.78 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

Wholesale gasoline was steady at USD 2.851 a gallon.

Heating oil added 0.8 cent to USD 2.879 per gallon.

Natural gas dropped 0.8 cent to USD 3.819 per 1,000 cubic feet.

Oil Edges up Slightly in Second Straight Day of Gains

20 Apr

Brent crude oil prices closed below USD 100 a barrel on a second day of modest gains on Friday, after surpassing USD 100 earlier in the session and recovering some ground after a steep six-day decline.

Brent has fallen nearly 10 percent since the beginning of April, a decline that accelerated earlier this week after a cut in oil demand forecasts by global energy agencies and weak economic data from the United States and China, the world’s two largest oil consumers.

Friday marked the second day of gains for Brent after it closed at USD 97.69 on Wednesday, the lowest level since July 2012 and a price that analysts said was attractive to bargain hunters.

Analysts said the market seemed to be stabilizing after a week of heavy liquidation in which prices tumbled from over USD 103 as of last Friday, along with a rout in gold and industrial metals.

“Today’s gains looked like a follow-up to yesterday’s correction and one that could possibly be maintained for a couple more sessions,” Jim Ritterbusch, president at Ritterbusch and Associates in Galena, Illinois, wrote in a research note.

Brent crude settled up 52 cents a barrel at USD 99.65, down from an intraday high of USD 100.33. US crude gained 28 cents to settle at USD 88.01.

The May US crude contract expires Monday, April 22.

Most USD  stocks rose on Friday, taking the oil complex with them. USD  equities back a day after the S&P 500 closed below its 50-day moving average for the first time this year, with help from some blue-chip tech names.

“This remains a market very much driven by the equity markets. They’ve been rebounding and we’re just knocking along with that,” said Kyle Cooper, managing director of research at IAF Advisors in Houston, Texas.

“Crude inventories are at an all-time high, but we’re up today,” he added. “There are some people who want to believe it’s a physical market, but it’s not. It’s a financial market.”

Yet worries about global demand and oversupply persist, and market participants remained cautious as to whether the recovery had legs. Front-month oil prices have fallen more than 3 percent for the week.
“Oil prices were technically oversold so we are seeing some buyers coming in but they are not great volumes,” said Rob Montefusco, an oil broker at Sucden Financial in London. “There is nothing to suggest we can go up on a sustained basis – we were just overdone on the downside.”

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After spending the week below 30 on the relative strength index (RSI), a technical momentum indicator, Brent crude poked its head above 30 on Friday.

A reading of 30 or below indicates an oversold condition to chart-watching traders.

Data released during the week contributed to falling prices. Chinese first-quarter GDP growth was seen as disappointing, down at 7.7 percent from 7.9 percent in the fourth quarter. In the United States, the number of people filing new claims for unemployment benefits rose last week, and factory activity in the nation’s mid-Atlantic region cooled in April.

Oil prices are down more than USD 10 a barrel from the start of this month. Brent touched its lowest level since July 2012 on Thursday at USD 96.75 a barrel after commodities took a hammering across the board earlier in the week.

Earlier in the week gold suffered its worst two-day fall in 30 years. Copper is still down below USD 7,000 a tonne, on course for its worst week since 2011.

But with the exception of industrial metals, the complex now appears to have stabilized. “There is a general feeling in the market that Brent won’t go much below USD 100 at this stage as a lot of speculative length has now been liquidated,” said Ole Hansen, head of commodity strategy at Saxo Bank.

The USD 100 level is seen as critical, because it is a budget breakeven point for OPEC members such as Iran, Iraq and Algeria.
“OPEC doesn’t want to see the price fall much below USD 100, and given that they continue to produce at very high levels, they can just turn the taps down a little bit, which would quickly change the balance in the market,” Hansen said.

Iran and Venezuela have already raised concerns about the price fall and said discussions had taken place over whether to call an emergency OPEC meeting before the group’s scheduled meeting at the end of May.

Source: moneycontrol

Gold hovers near 19-month low; bargain buying on

17 Apr

Indian gold futures edged lower on Wednesday, near their lowest level in more than 19 months, on losses in the global markets and a stronger rupee, triggering bargain buying among physical traders.

The actively traded gold contract for June delivery on the Multi Commodity Exchange (MCX) was 181 rupees lower at 25,585 rupees per 10 grams.

US gold for June delivery was 0.37 percent lower at $1,382.2 an ounce. The rupee, which firmed in trade on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

“There are many buyers after consolidation in prices … sales will rise for Akshaya Tritiya,” said SK Jain, vice-president of All India Sarafa Association.

India, the world’s biggest buyer of the yellow metal, will celebrate Akshaya Tritiya, a key gold buying festival, next month. The wedding season has also begun and will continue till early June.

India has been trying to curb imports to put a lid on the record-high current account deficit. The federal government raised the import duty on gold, which it called a dead investment, by 50 percent to 6 percent in January.

On April 2, Finance Minister P. Chidambaram suggested the government was unlikely to raise the import tax on gold further to avoid gold smuggling.

May silver was 592 rupees lower at Rs 42,603 per kilogram.

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Source: http://www.moneycontrol.com/news/commodities/gold-hovers-near-19-month-low-bargain-buying-on_854157.html

Sell MCX Gold June Fut at Rs 28040: Fortune Financial

15 Apr

Fortune Financial Services has come out with its report on metals, Crude Oil and Natural Gas. The research firm says one can sell MCX Gold June Futures at Rs 28040 with stoploss above Rs 28400 for the target of Rs 27800-27600.

MCX Gold June futures contract is looking weak on chart, day traders can sell on small pullback Major support is seen in range of 27730, 27534 and 27283. While important resistance is seen near 28176, 28428 and 28623. (Sell at 28040, target 27800-27600 SL above 28400)

MCX Silver May futures contract is looking weak on chart, day traders can sell on small pullback Major support is seen in range of 48559 , 48216 and 47776 . While important resistance is seen near 49341 , 49781 and 50124. (Sell at 49300 Target 48200 SL above 49800)

MCX Natural Gas April futures contract is looking strong on chart, day traders can buy on small dips Major support is seen in range of 229.48 , 227.86 and 225.78 . While important resistance is seen near 233.18, 235.3 and 236.9.  (Buy at 229-227 Target 238 SL below 224)

MCX Crude Oil April futures contract is looking weak on chart, day traders can sell on small pullback Major support is seen in range of 4940, 4905 and 4861. While important resistance is seen near 5020, 5065 and 5099. (Sell at 5000 Target 4900 SL above 5070)

MCX Copper April futures contract is looking weak on chart, day traders can sell on small pullback Major support is seen in range of 401.67, 398.84 and 395.20. While important resistance is seen near 408.14, 411.8 and 414.6. (Sell at 410-412 target 398 SL above 416)

MCX Lead April futures contract is looking weak on chart, day traders can sell on small pullback Major support is seen in range of 110.27, 109.50 and 108.50. While important resistance is seen near 112.05, 113.0 and 113.8. (Sell at 113-113.5 Target 110 SL above 116)

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Source: moneycontrol

Commodity Trading Tips for Natural gas

13 Mar

Natural gas settled -0.46% down at 197.40 as a recent rally began to wane after weather forecasts pointed to a warming trend settling over the heavily populated central and eastern swathes of the US Warmer weather cuts into demand for heating in the nation’s households and businesses and sends natural gas prices falling. Weather services predicted normal temperatures to settle into the East Coast US through the end of March, with some calling for warmer-than-normal thermometer readings. The reports began to chip away at a rally that sent natural gas gaining due to unseasonably cold weather patterns that have gripped the country for much of February and March. However, supply data released late last week continued to support natural gas. On Thursday, the US EIA said in its weekly report that natural gas storage in the week ending March 1 fell by 146 billion cubic feet, well beyond market expectations for a drop of 134 billion cubic feet. Inventories fell by 92bcfin the same week a year earlier, while the five-year average change for the week represented a decline of 107 billion cubic feet. Total US natural gas storage stood at 2.083 trillion cubic feet as of last week. Stocks were 361bcfless than last year at this time and 269bcfabove the five-year average of 1.814 trillion cubic feet for this time of year. The report showed that in the East Region, stocks were 73bcfabove the five-year average, following net withdrawals of 77 billion cubic feet. For today’s session market is looking to take support at 195.9, a break below could see a test of 194.4 and where as resistance is now likely to be seen at 199.4, a move above could see prices testing 201.4.

Trading Ideas:

Nat. Gas trading range for the day is 194.4-201.4.

Natural gas dropped after weather forecasts pointed to a warming trend settling over the heavily populated central and eastern swathes of the US

Updated weather forecasts released earlier pointed to milder temperatures across most parts of the U. S. in the near-term.

Total U. S. natural gas storage stood at 2.083 tcf as of last week, 14.8% above the five-year average for this time of year.

 

Originally posted at:  Topnews.in