Technical Outlook (For May 2014)
Commodity ---------------------------------------Support 1 Support 2 ----CMP Resistance 1 Resistance 2
Nymex Crude Oil Contract ($/bbl) ----------------96 ------------92------- 100.18 ----103.5 ----107.8
MCX Crude Oil May Contract (Rs./bbl) --------5850------- 5550 ------6017------ 6250-------- 6500
Nymex Natural Gas Contract ($/MMBTU)------ 4.4-------- 3.8--------- 4.785----- 5 -----------5.3
MCX Natural Gas May Contract (Rs./MMBTU) 2674 -----243-------- 288.3 -----305--------- 320
Crude Oil Outlook
For May 2014, we expect NYMEX crude (CMP $100.18/bbl) prices to trade with a positive bias and price upside can be to the extent of $105 and then correct towards $100, while on the MCX, crude price (CMP: Rs.6017/bbl) can possibly head higher towards Rs.6200/bbl and then correct towards Rs.5950/bbl mark.
Natural Gas Outlook
Inventories of natural gas in the US are at the lowest level in last 11 years as the coldest winter in last 30 years has strained the inventory scenario. Worries that stockpiles will not be filled to levels required for next winter will cause price volatility to increase in the coming months.
Besides, futures prices on the NYMEX are not rising enough to encourage the producers of gas to continue production and hold on to storage for sale later in the year. Much now depends on how this summer is going to be. Forecasts of a hotter-than-average summer have raised worries that higher demand could add further strain on stockpiles. Although utility companies have months to restock, at what pace inventories are filled is a real wild card now.
For the month of May we expect natural gas prices on the NYMEX to turn higher towards $5 and then correct towards $4.5 while prices on the MCX are expected to turn higher towards 300 and then correct towards Rs.265/MMBTU.
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
Commodity ---------------------------------------Support 1 Support 2 ----CMP Resistance 1 Resistance 2
Nymex Crude Oil Contract ($/bbl) ----------------96 ------------92------- 100.18 ----103.5 ----107.8
MCX Crude Oil May Contract (Rs./bbl) --------5850------- 5550 ------6017------ 6250-------- 6500
Nymex Natural Gas Contract ($/MMBTU)------ 4.4-------- 3.8--------- 4.785----- 5 -----------5.3
MCX Natural Gas May Contract (Rs./MMBTU) 2674 -----243-------- 288.3 -----305--------- 320
Crude Oil Outlook
For May 2014, we expect NYMEX crude (CMP $100.18/bbl) prices to trade with a positive bias and price upside can be to the extent of $105 and then correct towards $100, while on the MCX, crude price (CMP: Rs.6017/bbl) can possibly head higher towards Rs.6200/bbl and then correct towards Rs.5950/bbl mark.
Natural Gas Outlook
Inventories of natural gas in the US are at the lowest level in last 11 years as the coldest winter in last 30 years has strained the inventory scenario. Worries that stockpiles will not be filled to levels required for next winter will cause price volatility to increase in the coming months.
Besides, futures prices on the NYMEX are not rising enough to encourage the producers of gas to continue production and hold on to storage for sale later in the year. Much now depends on how this summer is going to be. Forecasts of a hotter-than-average summer have raised worries that higher demand could add further strain on stockpiles. Although utility companies have months to restock, at what pace inventories are filled is a real wild card now.
For the month of May we expect natural gas prices on the NYMEX to turn higher towards $5 and then correct towards $4.5 while prices on the MCX are expected to turn higher towards 300 and then correct towards Rs.265/MMBTU.
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
