CRUDE OIL
Crude oil prices traded lower after data showed US domestic oil supplies rose for the second straight week while domestic production rose further above 10 million barrels per day Inventories of U.S. crude fell by rose 1.895 million barrels for the week ended Feb. 2, below expectations for for a rise of 3.189 million barrels. Gasoline inventories rose by 3.414 million barrels, well above the expectations for a build of 459,000 barrels, while supplies of distillate – the class of fuels that includes diesel and heating oil – unexpectedly rose by 3.926 million barrels, confounding expectations for a decline of 1.419 million barrels expected.
TECHNICAL OUTLOOK :
Crude Oil daily chart has formed "Rising wedge” pattern. The last session seems strongly bearish in trend ended up near the channel’s support slope line at $61.50(3958). The market is expected to continue in the same trend once it breaks below the channel’s support, testing all the way through $60.50-59(3893-3797) levels in the upcoming sessions. Alternatively, if the channel’s support holds strong then the market might turn bullish. The upside rally could test $62.50-64(4022-4119) Resistance holds at $64(4119) and additional support at $59(3797).
TECHNICAL CHART :
CRUDE OIL
Crude oil prices traded lower after data showed US domestic oil supplies rose for the second straight week while domestic production rose further above 10 million barrels per day Inventories of U.S. crude fell by rose 1.895 million barrels for the week ended Feb. 2, below expectations for for a rise of 3.189 million barrels. Gasoline inventories rose by 3.414 million barrels, well above the expectations for a build of 459,000 barrels, while supplies of distillate – the class of fuels that includes diesel and heating oil – unexpectedly rose by 3.926 million barrels, confounding expectations for a decline of 1.419 million barrels expected.
TECHNICAL OUTLOOK :
Crude Oil daily chart has formed "Rising wedge” pattern. The last session seems strongly bearish in trend ended up near the channel’s support slope line at $61.50(3958). The market is expected to continue in the same trend once it breaks below the channel’s support, testing all the way through $60.50-59(3893-3797) levels in the upcoming sessions. Alternatively, if the channel’s support holds strong then the market might turn bullish. The upside rally could test $62.50-64(4022-4119) Resistance holds at $64(4119) and additional support at $59(3797).
TECHNICAL CHART :
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Natural Gas
Natural Gas
Technical outlook :
Natural gas 4hr chart has formed “Falling wedge” pattern. The last session ended up
consolidated near the channel’s resistance slope line but overall bearish in trend.
The market is expected to continue in bullish momentum once the same breaks
above the resistance level at 178. The upside rally could test all the way through
180-185 levels in the upcoming sessions. Alternatively, if the resistance holds
strong then it might retest the same and turn bearish. The downside rally could
TECHNICAL CHART :
