Commodity Report – 26 September 2013 Daily Commentary West Texas Intermediate crude fell for a sixth day, the longest losing streak in 16 months, after a government report showed U.S. inventories unexpectedly rose last week as demand slipped. Prices slid as much as 0.5 percent after settling yesterday at the lowest level in 12 weeks. The Energy Information Administration said U.S. stockpiles increased by 2.64 million barrels, compared with a 1 million-barrel decrease forecast by analysts in a Bloomberg survey. Gasoline consumption declined 2 percent to 8.85 million barrels a day. WTI crude for November delivery fell as much as 46 cents to $102.20 a barrel in electronic trading on the New York Mercantile Exchange and was at $102.37. The contract dropped 47 cents to $102.66 yesterday, the lowest settlement since July 3. The six-day decline is the longest since May 18, 2012. Today’s Outlook Crude Oil has almost completed our prescribed target of $102. At the moment, momentum in the market seems to suggest that further downside in the Crude Oil prices cannot be ruled out. We would advise our readers to hold short positions for a target of $100.50 with a trailing stop loss of $103.50. Fresh shorts can be initiated around $103 with same stop loss of $103.50. Gold prices seem to be consolidating at current levels. The overall trend continues to remain weak. We would advise our readers to initiate shorts on bounce towards $1345 for a target of $1300 with a stop loss of $1361. ----------------------------------------------------------------------------- Disclaimer: This report has been prepared by AUM CAPITAL and the information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of the report it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. AUM Capital, its directors and employees will not be in anyway responsible for the contents of this report.
Posted on: Thu, 26 Sep 2013 04:28:19 +0000
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