Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Commodities

| More

Crude Oil - October 23, 2021 - Weekly Wrap - Reliance Securities

Posted On: 2021-10-23 14:46:19 (Time Zone: IST)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic crude oil prices remained range bound this week.

However, oil could end weak for the first time in over 5 weeks.

Prices started on a negative note and remained slightly weak in the early half of the week after touching multi-year highs weighed down by weak data from the U.S. and China tempering early enthusiasm about demand.

Additionally, U.S. production from shale basins is expected to rise in November, according to a monthly U.S. report also weighed on market sentiment.

Total oil output from seven major shale formations was expected to rise by 76,000 bpd to 8.29 million bpd in the month.

However, after a brief fall prices found support as an energy supply crunch continued across the globe, while falling temperatures in China revived concerns over whether the world's biggest energy consumer can meet domestic heating needs.

Additionally, U.S. crude and fuel inventories tightened further and lent support.

U.S. crude stocks fell by 431,000 barrels in the week to Oct. 15 to 426.5 million barrels while U.S. gasoline stocks fell by a more-than-expected 5.4 million barrels in the week to 217.7 million barrels pointed to strong demand.

Additionally, overall product supplied rebounded in the most recent week, with the four-week average of supply from refineries hitting 20.9 million barrels per day, less than 1% from 2019 levels.

Moreover, U.S. stocks at the Cushing, Oklahoma delivery hub fell by 2.3 million barrels to 31.2 million barrels. their lowest level since October 2018, pointing to tightness in the market that may take some time to improve.

OUTLOOK

International crude oil prices could extend some weakness into next week amid profit taking and forecast of a warm winter in the U.S.

According to a National Oceanic and Atmospheric Administration released this week, winter weather in much of the United States is expected to be warmer than average which could hurt demand.

Traders who had set $86 as their selling threshold took the opportunity to already pocket some profit.

Oil could also under pressure from a drop-in coal and natural gas prices.

In China, coal fell 11%, extending losses this week since Beijing signalled it might intervene to cool the market.

Markets could look to inventory data next week and another draw will cap downside in prices.

Technically, Brent December contract immediate resistance zone is at $86.74-87.94 and a trade above could push prices to $92.90 levels. On the downside, immediate support is at $82.45 and $80.20.

Technically, if WTI Crude Oil trades below $84.00 level, it could see downside momentum up the support zones at $82.00-$80.50 levels. A trade above would push prices to the resistance zones at $84.77-$86.80 levels.

Domestically, if MCX Crude Oil November trades below 6350 level, it could see a Bearish momentum up to the support zones at 6180-5900 levels. A trade above would push prices to the resistance zones at 6330-6430 levels.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Crude Oil - Nov 30, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold - Nov 30, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold and Silver - October 23, 2021 - Weekly Wrap - Reliance Securities

Copper - October 23, 2021 - Weekly Wrap - Reliance Securities

Gold & Silver - Oct 21, 2021 Outlook - Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

Crude Oil - Oct 21, 2021 Outlook - Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

Gold and Silver - October 20, 2021 Outlook - Reliance Securities

Crude Oil - October 20, 2021 Outlook - Reliance Securities

Gold & Silver - October 19, 2021 Outlook - Reliance Securities

Crude Oil - October 19, 2021 Outlook - Reliance Securities

Crude Oil - Oct 18, 2021 - Outlook - Reliance Securities

Gold and Silver - Oct 18, 2021 - Outlook - Reliance Securities

Copper - Weekly Wrap - Oct 9, 2021 - Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

Crude Oil - Weekly Wrap - Oct 9, 2021 - Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

Gold & Silver - Weekly Wrap - Oct 9, 2021 - Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

Crude Oil - Oct 5, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold - Oct 5, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Base Metals - Oct 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude Oil - Oct 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Oct 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude Oil - Oct 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Oct 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude Oil - Sep 30, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Sep 30, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Sep 29, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude Oil - Sep 29, 2021 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Crude Oil - Sep 28, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Sep 28, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold and Silver - Weekly Wrap - Sep 25, 2021 - Reliance Securities

Crude Oil - Weekly Wrap - Sep 25, 2021 - Reliance Securities

Copper - Weekly Wrap - Sep 25, 2021 - Reliance Securities

Copper - Weekly Wrap - Sep 18, 2021 - Reliance Securities

Crude Oil - Weekly Wrap - Sep 18, 2021 - Reliance Securities

Gold & Silver - Weekly Wrap - Sep 18, 2021 - Reliance Securities

Crude Oil - Sep 15, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Sep 15, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude Oil - Sep 14, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Sep 14, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base Metals - Sep 13, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude Oil - Sep 13, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Sep 13, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude Oil - Sep 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Sep 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude Oil - Sep 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Sep 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude Oil - Sep 7 , 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Sep 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base Metals - Sep 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude Oil - Sep 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold - Sep 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020