Crude oil futures rallied more than 3% traded above $97 on positive global cues with supportive economic data from EU and US. Oil prices also got boost on public riots in Kazakhstan and Iran sanction speculation expecting supply disruption from Persian Gulf.
The two days Gulf Cooperation Council (GCC) summit may discuss issue over Iran nuclear program and imposed sanctions wihich may keep momentum in oil prices.
The protest by oil workers in Kazakhistan may affect the oil production of Zhanaozen oil region which accounts of 25 % of country?s production of 1.60 mb/day.
Natural gas futures traded steadied near $3.10 supported by higher Crude Oil prices and stronger Euro despite warmer temperatures and weak spot demand. Natural Gas stockpiles fell by 102 Bcf to 3.73 Tcf against previous decrease of 20 Bcf in the week ended Dec 9, 2011.
We expect oil prices to trade up on bullish inventory data expectation and strong equity indices on economic recovery optimism. NYMEX Crude Oil has resistance at $100, and crucial support at $95.
Crude Oil S1: 5090 S2: 5050, R1: 5190, R2: 5230
Natural Gas S1: 162, S2: 160, R1: 167, R2: 170
Courtesy: Edelweiss Comtrade Limited Research
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