Jobless Claims and Commodity Market Tips

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Jobless Claims and Commodity Market Tips

• Crude Oil Commodity Market update yesterday, DoE
  inventory report showed crude stocks fell by 1.8
  million barrels for the week ended May 2
  against broad forecast of a rise by over 1.2
  million barrels. Total stocks though
  continued to be very high and remained
  near the 397.6 million barrels. In product
  stocks, gasoline inventory increased by 1.6
  million barrels while distillate fell 447,000
  million barrels.
• Amongst major cues as per the weekly report from
  DoE
• Refinery inputs in the US averaged 15.9 MBPD,
  50,000 barrels per day less than the previous
  week.
• US crude oil imports averaged 6.9 MBPD,
  lower by 598,000 barrels per day on a
  weekly comparison and lower than last four weeks
  average of 7.6 MBPD
• While Refinery operation rate reduced moderately
  to 90.2 of capacity, gasoline production
  increased last week, averaging 9.0 MBPD as
  probably refiners take note of forthcoming demand
  for the commodity in the summer season.
• Net to net looking purely at the weekly inventory
  report, we are moving into moderate buying during
  intra-day trade. Gains though might be
  little bit low as Brent stands marginally
  under pressure tracking cues from Eurasia
  region. Brent was moderately lower today
  morning after Russian President said he was ready
  to discuss a way out of the Ukrainian crisis and
  called on separatists in east Ukraine to
  postpone a May 11 referendum on the status
  of the mostly Russian-speaking region. Buying
  on declines in the WTI for small targets advised
  today.
• Global market analysis
• A bag full of events took place in the
  financial markets on yesterday and its
  impact is now visible in most of the asset
  classes. The Fed chief Ms. Yellen talks about
  further reduction of monetary stimulus as the
  economy recovers while the concern remain as the
  labor market is still unhealthy.
• Crude Oil Commodity Market we saw
  unexpectedly decline in the crude stocks
  and marginal rise in the gasoline stocks.
  However, market reacted onto the positive note
  which eventually drove oil prices higher. We
  reiterate the fact that the fall in production,
  decline in imports and

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refiners refining crude to gasoline
anticipating future demand may have also
drove oil prices higher. Meanwhile, US market
posting a higher close followed by Asian markets
trading positive this morning while Chinese
data coming surprisingly better may keep
the WTI oil prices elevated today.
Nonetheless, it may remain cautious during the
day as in the other side easing tension in
Ukraine possibly keep Brent lower. So, for the
day we see WTI to trade marginally higher and
recommend buying from lower levels. Economic data
that may spin the market BOE and ECB announcing
interest rate and the US jobless claims
number. Commodity Market Tips Buy Crude Oil Mcx
May near 6055 sl 6005 Tgt 6080 Sell Gold Mcx Jun
near 28600 sl 28780 Tgt 28400