Daily Energy & Bullion Insight 3-Jun-2009

Ventura Securities Ltd

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Crude oil price slid -0.04% to 68.55 Tuesday as investors booked in profit as the black gold had rallied for 6 days. Crude oil price for July delivery dropped to as low as 67.5 in early trading as USD rebounded and the Euro zone reported higher-than-expected unemployment rate. The gauge later rose to 69.05 after US' homes sales date before settling at 68.55.

Crude oil continued to its upside trend above $68 a barrel but below 7-month high of $69.05 touched on Wednesday after U.S. pending home sales came better that expectations showing that the recession is finding a bottom.

Yesterday crude oil extended its rally for the sixth day in a row after pending home sales in the U.S. spiked to 6.7%, higher than the previous of 3.2% and market forecasts of 0.5%.

The US Energy Department will release the petroleum report today. According to Bloomberg survey, crude stockpile probably dropped -1.5 mmb to 361.8 last week. Both gasoline and distillate stockpiles should have risen, by +0.65 mmb and +0.9 mmb respectively, due to reduction in demand.
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