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Forex Daily Analysis by kalaivanan

 

Posted Date on 21-Apr-2014 23:20:59

Symbol
Signal
Entry
Target
Stop Loss
CRUDEOIL
BUY
6620
6650
6610

Description

NEW YORK (Commodity Online): United States is expected to achieve record production in crude oil and natural gas, overcome previous peak of 3.5 mn barrels in 1970 which subsequently declined to 1.8 mn barresl in 2008. John Kemp, a Reuters analyst, pointed out that Shell geologist M King Hubbert's theory has been proved wrong since 2005 due to shale oil and gas revolution. Not only in crude oil and natural gas, but US production of gasoline and distillate fuels are also hit a record high in March, accrording to American Petroleum Institute. Gasoline production rose 4.7% y-o-y to 9.3 mn barrels per day while distillate output rose 11.9% to 4.8 mn bpd. Domestic supplies rose 2.3% for gasoline to 8.8 mn bapd and 2.4$ for distillates to 3.9 mn bpd. Refined product exports slipped 1% from February levels to just below 4 mn bpd but they were still 28.3% higher than a year ago.

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