Crude oil, Gold and MCX Silver Free Tips for the day of 19 Jan 2018

Silver Free Tips for the day of 19 Jan 2018: MCX Silver trading at 38930 up 13 points from previews close. MCX (WTI) crude futures were at 4025 a barrel, down 66 points, or 1.61 percent. From their last settlement. WTI marked a December-2014 peak of 4130 a barrel on Tuesday.

Traders said the lower prices were prompted by a recovery in U.S. oil production after a recent drop. As well as by an expected fall in demand when winter ends in the northern hemisphere.

U.S. crude oil production stood at 9.75 million barrels per day (bpd) on Jan. 12, data from the Energy Information Administration (EIA) showed.

Output had fallen to 9.49 million barrels at the start of the year. Due largely to a cold snap that shut down some production.

Most analysts expect U.S. output to break through 10 million barrels per day soon.

Analysts also pointed to excessive long positions in financial oil markets as a likely brake on any upward momentum in prices. With many traders soon likely to cash in on recent price rises, which have seen crude jump by around 14 percent since early December.

Jeffrey Halley, market strategist at futures brokerage Oanda in Singapore. Said crude futures had been at “overbought levels for an extended period as record speculative longs built on the futures markets”.

ANZ bank said “an upcoming soft patch in demand and extreme investor. Positioning does open up the possibility of some short-term weakness”.

Overall, however, oil prices remain well supported, and most analysts do not expect steep declines.

The main price driver has been a production cut by a group of major oil producers. Around the Organization of the Petroleum. Exporting Countries (OPEC) and Russia, who started to withhold output in January last year.

The supply cuts by OPEC and its allies, which are scheduled to last throughout 2018, were aimed at tightening the market to prop up prices.

In the United States, crude inventories fell 6.9 million barrels in the week to Jan. 12, to 412.65 million barrels.

That’s their lowest seasonal level in three years and below the five-year average marker around 420 million barrels. 

Souce: Investing

Buy MCX Crude oil 19 Jan 2018 contract for the day of 19 Jan 2018. Around 4020 stop loss 3994 target 4062 – 4082.
 

Buy MCX Gold 05 April 2018 contract for the day of 19 Jan 2018. Around 29620 stop loss 29560 target 29660 – 29710 and more.

Silver Free Tips for the day of 19 Jan 2018

Buy Silver Free Tips for the day of 19 Jan 2018, Buy 05 March 2018 Contract around 38900 with stop loss 38800 for the target of 39100 – 39150.

Track our last tips

Leave a Reply

Your email address will not be published. Required fields are marked *