Monday, 5 January 2015

Daily Energy Related Market News

MCX Jan Natural Gas; after a long phase of decline some short covering was seen in the counter last week. A “bullish engulfing” candlestick pattern on Friday’s session suggest that the temporary bottom has formed at 182 levels and further rally can be seen towards 205 on upside. However, 189 will act as an immediate support on downside.

Oil markets have continued its weakness in the last week also following a run of losses from the past six months. Oil prices this year have collapsed to their lowest since the financial crisis. 

On the MCX, crude prices declined by 4.4 percent and closed at Rs.3391/bbl.
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