CRUDE OIL AND NATURAL GAS DAILY REVIEW FOR TODAY 26-OCT

CRUDE OIL AND NATURAL GAS DAILY REVIEW FOR TODAY 26-OCT

Crude Oil

Nymex crude oil prices gained around 0.3 percent yesterday on the back of expectations of delay in QE tapering program by the Federal Reserve. Further, favorable manufacturing data from China and Euro Zone also supported an upside in prices.

Additionally, weakness in the DX acted as a positive factor. Crude oil prices touched an intra-day high of $97.69/bbl and closed at $97.10/bbl in yesterday's trading session.

On the domestic bourses, prices slipped around 0.3 percent due to Rupee appreciation and closed at Rs.6000/bbl after touching an intraday high of Rs.6038/bbl on Thursday.


Natural Gas

EIA Inventories Data

US Energy Information Administration (EIA) released its weekly inventories yesterday and US natural gas inventory increased more than expectations by 87 billion cubic feet (bcf) which stood at 3.741trillion cubic feet for the week ending on 18th October 2013


Outlook

From the intra-day perspective, we expect crude oil prices to trade higher on the back of rise in manufacturing data from China and Euro Zone will lead to increase in demand for the fuel. Further, weakness in the DX will support an upside in prices. Additionally, expectations of delay in QE tapering program by the Federal Reserve along with forecast for favorable business climate data from Germany and increase in UK's GDP will act as a positive factor. Also, US core durable goods orders and consumer sentiment estimated to increase in the evening session will continue positive movement in prices.

In the Indian markets, Rupee depreciation will further push upside in oil prices.

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