Crude Oil May Witness Slightly Higher, Nat Gas Lower Lows And Lower High
CommodityOnline | Jul 24, 2014 03:27AM ET
Crude oil futures rallied, after a U.S. government report showed a larger-than-expected decline in U.S. inventory levels.The NYMEX crude oil contract traded around $102.57 per barrel, before the EIA said crude inventories declined 4mn barrels in the week ended July 18. The EIA reported, gasoline supplies added 3.4mn barrels in the week, while distillates, which include heating oil, increased 1.6mn barrels.Earlier on Wednesday, two Ukrainian fighter jets were shot down near the area where a Malaysia Airlines passenger plane was hit. Natural gas futures traded in positive for most part of yesterday's session, as investors returned to the market to seek cheap valuations after prices fell to the lowest level since November on Tuesday. However, prices gave up most of their gains towards the closing session.The weekly’s supply data is expected to show that natural gas storage in the U.S. rose by 95 billion cubic feet in the week ended July 18.
Technical outlook:
Crude oil futures continues to trade in a range, with prices declining in the first-half of the day’s session and later staged a rebound to close the day’s session slightly higher.
Oil prices now hold support at 6160 and 6135, while resistance holds at 6215 & 6255 for intra-day session. Natural gas continues to move lower forming lower lows and lower highs on daily charts, while on intra-day chart also the trend looks bearish with prices now holding immediate support at224.5 and next at 221.8, while resistance for reversal is seen at 230 & 233.
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