Daily Energy & Bullion Insight 3-Jun-2009

Research report by 'Ventura Securities Ltd'
     
fiogf49gjkf0d
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.

   
Other Research Reports may be of interest
UPDATED SILVER REPORT 12052011    Source: Kedia Stocks and Commodities
Buy MSP Steel and Power Ltd    Source: A C Choksi Share Brokers Private Limited
COPPER REPORT 10052011    Source: Kedia Stocks and Commodities
SILVER REPORT 10052011    Source: Kedia Stocks and Commodities
WEEKLY METAL REPORT FOR 09-13 MAY    Source: Kedia Stocks and Commodities
Copper Outlook 2011    Source: A C Choksi Share Brokers Private Limited
SILVER REPORT 29042011    Source: Kedia Stocks and Commodities
Buy MOIL with target of Rs 448    Source: A C Choksi Share Brokers Private Limited
LEAD REPORT 25032011    Source: Kedia Stocks and Commodities
CRUDE REPORT 18032011    Source: Kedia Stocks and Commodities
More Research Reports from Ventura Securities L..