Off to the races once more even as the US dollar is starting the weak on a slightly firmer note. All else was quiet over the weekend and little guidance is present in early morning trading so far. Over the last three trading weeks the market has been in a choppy pattern with prices still below the highs made on March 17th. The overall fundamentals are comfortable while the economy and the financials remain center stage.
We do expect the market to remain volatile this week with Wednesday’s inventory report likely to be the catalyst that will cause the most significant move on the week. We do expect crude oil inventories to build again this week with a small draw in distillate and a seasonal decline in gasoline stocks. The inventories will once again show that supply is comfortable, especially gasoline.
Currently oil prices are firm while the US dollar is gaining some ground on both the Euro & the Yen.
| Current Expected Trading Range | | | ||
| | 4/7/08 | Change | Upper | Lower |
| | | From | Resistance | Support |
| | 7:02 AM | Yesterday | | |
| May WTI | $107.47 | $1.24 | $112.50 | $99.20 |
| May HO | $3.0500 | $0.0579 | $3.2500 | $2.7100 |
| May RBOB | $2.7671 | $0.0104 | $2.9000 | $2.5200 |
| May NG | $9.465 | $0.143 | $10.250 | $8.700 |
| | | | | |
| Euro/$ | 1.5657 | (0.0015) | 1.5818 | 1.5200 |
| Yen/$ | 0.9789 | (0.0078) | 1.0450 | 0.9900 |
Dominick A. Chirichella
Energy Management Institute
tel 646-202-1433
tel 845.368.3904
fax 801.383.7510
www.advancedenergycommerce.com
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