CRUDE OIL INVENTORY DATA EXPECTATION (8:00 PM)

  • Crude Oil     Survey: -130%, Prior: -4696K
  • Gasoline       Survey: 1200%, Prior: 2752K
  • Distillate      Survey: 1300%, Prior: 3112K
  • Ref. utilization %    Survey: 0.25%, Prior: 0.70%

ACTUAL 

DOE INVENTORY DATA UPDATE (8:00 PM)

  • Crude Oil     Actual: -809K,  Survey: -1300K, Prior: -4696K
  • Gasoline      Actual:  -1815K,   Survey: 1200K, Prior: 2752K
  • Distillate      Actual: 2619K,   Survey: 1300K, Prior: 3112K
  • Ref. utilization Actual:   -0.70%,    Survey: 0.25%, Prior: 0.70%

Free Momentum Call (HIGH RISK):  Sell Crude Oil @ Cmp: 4950, Targets : 4925/4875, SL:5001 @ 18.07.12,08:01 PM

Inventory Data Impact :

Crude stocks have declined less than expectation. Distillate stocks have increased. Overall we might see some dips in crude oil prices for intraday.

Crude update: Prices were seen trading higher since morning and it is at $89.80, up by 0.64%. Intraday bias remains upside. We suggest buying on dips as long as $89 support is provided. Upside potential could be seen till $90.40/91.60 levels. AT MCX prices are at 4970 levels and it is likely to remain higher. For intraday traders we suggest buying on dips as long as 4900 support remains intact

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