By Amrita Mashar
AHMEDABAD (Commodity Online): Crude oil prices were lower yesterday, slightly below the last week’s high of 3550 per barrel. Natural gas futures remained stuck up in a narrow band of 178-183 for the whole week.
In last three days, Crude oil futures gained steam as prices received good support at bottom levels of 3415 per barrel.
Crude Oil future broke technical resistance of 3500 and closed above 3509 yesterday, after climbing highs at 3522. Natural gas remained in black and white mood due to lack of direction and least volumes for trade in intraday session.
Today morning, Crude oil September delivery contract opened slight lower at 3501 but maintained the down-trend limited amidst heavy falling in base metals. Crude oil is expected to surge higher till 3550 in intraday trades will get support of 3485.
MCX Natural gas opened at 179.50 drop by 0.89 percent in morning trades. For whole week, natural gas remained in cold due to lack of volatility in price. Natural gas future is expected to remained range bound unless it will not break tough resistance above 185.
Overall trend seems to be upside in crude Oil and natural gas but EIA inventory due tonight, will give confirmation for advanced trends for coming days. Traders are advised to be cautious on every low before taking any fresh long position.
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