March 26, 2011

Commodity Crude Oil Price Gain.

The report for commodity Crude Oil futures reveals that crude oil is traded steadied near $105 after showing a hike of $106 as allied forces and US prepared for the second round of attacks in Libya to control violence as Gadhafi denied surrendering in any circumstances. Libya produces 1.65 mbday and now the output has fallen to lesser than 400000 mbday.

The Commodity crude oil future is also affected as Yemen and Syria are also facing public protest which is going to result in affect to whole investment sentiment. However Yemen called back the state emergency after president Ali Abdullah Saleh agreed to an opposition proposal to hand over power by the end of the year.

The commodity Natural gas futures pared previous gains traded near $4.270 after EIA reported lesser than expected decline in Natural gas inventory. Stockpiles fell by 6 Bcf against the forecast of decline of 8 Bcf.

NYMEX Crude oil has important resistance at $107 with crucial support at $103.
Crude Oil: S1=4710, S2= 4680 R1= 4780 R2=4810,

Natural Gas: S1=189, S2=187, R1= 195, R2=198.

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