Tuesday, 15 December 2015

Natural Gas and Crude Oil Report

Crude Oil (Rs/Bbl):
Dec. Crude oil prices have hit a fresh swing low of 2368 levels today. The counter needs to sustain above 2395 to rebound towards 2430/2445 levels. The counter though will face fresh selling at higher levels. We expect prices to move lower towards 2278/2245 levels over the coming sessions. Weakness after pullback rallies should be sold into.

Natural Gas (Rs./Mmbtu):
Dec. Natural gas prices are trading down with a cut of 4.4% currently. Prices should test its immediate support at 127 levels. Further downside in the counter is likely only if prices start to sustain below this support. Until then prices will consolidate between 127—129.50 and rebound towards 131.50/132.80 levels. A daily close below 123 will open downside target of 124.50/121.40 levels.

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