Friday, 11 December 2015

Commodity News on Natural Gas and Crude Oil

Crude Oil (Rs/Bbl):
Dec. Crude oil prices moved lower post the inventory data yesterday. We reiterate our negative view on the counter until prices stay above 2650 levels. Prices can slide lower towards recent swing lows at 2462 levels again. Intraday pullback rallies will face resistance between 2550—2570 zones. A daily close below 2460 will see prices slip towards 2278 areas.

Natural Gas (Rs./Mmbtu):
The outlook for Natural Gas prices will remain negative until prices stay below 142.50 levels. Failure to breakout above this level will see prices slide towards 135.50 again. A daily close below this level will open downside targets of 133/127.50 levels for the counter. Momentum above 142.50 will trigger a pullback rally towards resistance zones between 145.50—147.80 zones.

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