The market is drifting lower as the UK strike comes to an end and all eyes await the US Fed decision on interest rates due on Wednesday. The Forties crude oil pipeline system could be in operation in the next few days. Wednesday will have a lot of activity. The US oil inventories will be released in the morning and the Fed’s interest rate decision will be released mid-afternoon.
All are expecting a ¼% cut in interest rates with this one possibly be the last one until the fall. On the oil inventory front the early expectations are calling for a build in crude oil, a small build in distillate and a decline in gasoline. Refinery runs likely increased for the second week in a row. In the meantime the strike in Nigeria continues.
With Wednesday being a big news day and with the strike in Nigeria still on we do not expect the market to make any major moves in either direction. However, with the dollar still a bit on the firm side Tuesday bias is likely to be on a drifting toward the downside.
Currently energy prices are lower while the dollar firm slightly in early morning trading.
| Current Expected Trading Range | | | ||
| | 4/29/08 | Change | Upper | Lower |
| | | From | Resistance | Support |
| | 6:13 AM | Yesterday | | |
| June WTI | $117.86 | ($0.89) | $120.00 | $99.20 |
| May HO | $3.2931 | ($0.0057) | $3.4000 | $2.7100 |
| May RBOB | $3.0007 | ($0.0300) | $3.1500 | $2.5200 |
| June NG | $11.120 | ($0.209) | $11.000 | $8.700 |
| | | | | |
| Euro/$ | 1.5534 | (0.0078) | 1.6000 | 1.5200 |
| Yen/$ | 0.9621 | 0.0001 | 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
This message and any attachments relate to the official business of the Energy Management Institute ("EMI") and are proprietary to EMI. This e-mail transmission may contain information that is proprietary, privileged and/or confidential and is intended exclusively for the person(s) to whom it is addressed. Any use, copying, retention or disclosure by any person other than the intended recipient or the intended recipient's designees is strictly prohibited. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution or the taking of any action in reliance on this information is strictly prohibited. If this message has come to you in error, please immediately notify the sender by telephone or return e-mail and delete the original transmission and its attachments without reading or saving in any manner. Thank you.
No comments:
Post a Comment