Another week, same market drivers. This morning we are starting off with a mixed U.S. dollar position…..weak versus the euro, slightly stronger versus the yen. With the Iraqi pipeline returned to normal and oil flowing normally from Iraq the market is looking for some guidance to begin the week. Although the market put in a week of gains last week it was unable to recover all of the losses from the previous week. For the moment crude oil is holding about mid range between the all time highs and the lows made the week before last.
Inventories are likely to play a large role this week as little else seems to be brewing on the horizon at the moment. We expect inventories to show a build in crude oil and declines in both gasoline and distillate. The magnitude of the product declines (or if there are even declines) will dictate the stage for the rest of the week. For now we expect the market to trade in a choppy pattern as the market is currently running out of reasons to surge higher.
Currently prices are mixed.
3/31/08
Change
Upper
Lower
From
Resistance
Support
7:34 AM
Yesterday
May WTI
$104.89
($0.73)
$112.50
$99.20
Apr HO
$3.1128
$0.0078
$3.2500
$2.7100
Apr RBOB
$2.7163
($0.0007)
$2.9000
$2.5200
May NG
$9.860
$0.060
$10.250
$8.700
Euro/$
1.5733
0.0030
1.5818
1.5200
Yen/$
1.0080
(0.0020)
1.0450
0.9900
Dominick A. Chirichella
Energy Management Institute
dchirichella@mailaec.com
www.energyinstitution.org
www.advancedenergycommerce.com
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