MARKETS VIEW

Oil futures rally after euro zone approves Greek bailout extension Crude oil futures shook off earlier weakness to hit the highest levels of the session on Tuesday, after euro zone finance ministers agreed on a deal to extend Greece’s bailout by four months. The Euro group approved Greece's list of reform proposals earlier in the day, paving the way for a four-month extension of the country's bailout program. On the ICE Futures Exchange in London, Brent oil for April delivery hit an intraday low of $58.13 a barrel, before recovering to trade at $60.09 during U.S. morning hours, up $1.19, or 2.01%. A day earlier, the April Brent contract sank $1.32, or 2.19%, to settle at $58.90 a barrel. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in April rose 66 cents, or 1.33%, to trade at $50.11 a barrel after hitting a session low $48.72. A day earlier, Nymex oil tumbled $1.36, or 2.68%, to end at $49.45 as lingering concerns over a supply glut in the U.S. drove down prices. Industry research group Baker Hughes (NYSE:BHI) said Friday that the number of rigs drilling for oil in the U.S. fell by just 37 last week, the smallest weekly drop this year and compared to a decline of 84 rigs in the preceding week. The number of rigs drilling for oil in the U.S. totaled 1,019, the lowest since August 2011. The number of oil rigs has declined in 16 of the last 19 weeks since hitting an all-time high of 1,609 in mid-October. However, oil supplies in the U.S. stand at the highest level in at least 80 years, indicating that cheap prices have yet to affect output. Market participants looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer. The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 4.0 million barrels in the week ended February 20. Meanwhile, the spread between the Brent and the WTI crude contracts stood at $9.98 a barrel, compared to $9.45 by close of trade on Monday. Oil prices have fallen sharply in recent months as OPEC resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.

Buy REC LTD  At 320 TGT 330/338 SL 316

NG MIDNIGHT REPORT 12.42 AM

 

© Reuters. U.S. natural gas futures rally as more snow to hit Northeast

Investing.com - U.S. natural gas prices rallied sharply on Wednesday, as a blast of frigid winter weather was expected to boost near-term fuel demand.

According to weather forecasting models, the Eastern half of the U.S. was expected to see heavy snow and freezing temperatures through March 7, in what was expected to be the last major system of the winter.

At least 30 states were under winter weather alerts on Wednesday, affecting nearly 120 million Americans.

Bullish speculators are betting that colder weather will increase demand for the heating fuel. Approximately 49% of U.S. households use natural gas for heating, according to the Energy Department.

The heating season from November through March is the peak demand period for U.S. gas consumption.

On the New York Mercantile Exchange, natural gas for delivery in April jumped 5.9 cents, or 2.19%, to trade at $2.772 per million British thermal units during U.S. morning hours, after hitting an intraday high of $2.783.

Futures were likely to find support at $2.641 per million British thermal units, the low from March 3, and resistance at $2.888, the high from February 26.

A day earlier, natural gas for delivery in April touched $2.641, the weakest level since February 10, before turning higher to end at $2.712, up 1.4 cents, or 0.52%,

Meanwhile, market participants looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the heating fuel.

The Energy Information Administration's storage report slated for release on Thursday is expected to show a withdrawal of approximately 220 billion cubic feet for the week ending February 27.

The five-year average change for the week is a decline of 116 billion cubic feet, while supplies fell by 189 billion the same time last year.

Total U.S. natural gas storage stood at 1.938 trillion cubic feet as of last week, 1.5% below the five-year average for this time of year.

Last spring, supplies were 55% below the five-year average, indicating producers have more than made up for last winter’s unusually strong demand.

Elsewhere on the Nymex, crude oil for delivery in April eased up 29 cents, or 0.57%, to trade at $50.81 a barrel, while heating oil for April delivery slumped 1.31% to trade at $1.914 per gallon.

MARKETS VIEW

GOLD >>>>>>>
Gold prices dip in early Asia with China shut, focus on Greece vote Gold prices dipped in early Asia on Monday with markets shut in China and eye on an upcoming vote in Greece to put in place reforms needed to secure further loans from the euro zone. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.05% to $1,201.30 a troy ounce by close of trade on Friday. Elsewhere on the Comex, silver futures for March delivery eased 0.34% at $16.265 a troy ounce by close of trade. Earlier in the day, prices hit $16.16, the lowest level since January 6. Meanwhile, copper for March delivery rose 0.19% at $2.596 a pound in holidaythinned trade. Markets in China, the world's largest copper consumer, will remain closed until February 24 for the Lunar New Year holiday, removing a key support for prices. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Last week, gold ended Friday's session close to a six-week low after euro zone finance ministers agreed on a deal to extend Greece’s bailout by four months, dampening the safe-haven appeal of the precious metal. The euro zone approved the extension of Greece’s €240 billion bailout, removing concerns that the country would face a liquidity crunch when its current bailout agreement expired at the end of the month. Athens has until Monday to present a list of reforms to be approved by the country’s creditors in order to secure the four-month extension, which will give it more time to reach a lasting agreement with its creditors. In the week ahead, Tuesday’s testimony by Federal Reserve Chair Janet Yellen to the Senate Banking Committee will be closely watched for any indication on when U.S. interest rates may start to rise. On Monday in Germany, the Ifo research group is to publish its report on business climate. Later in the day, the U.S. is to publish a report on existing home sales.

CRUDE OIL>>>>>
 Crude oil slips lower as supply glut worries persist Crude oil futures slipped lower on Friday, as concerns over a global glut in supplies persisted after data on Thursday showed that oil supplies in the U.S. rose to the highest level on record. On the New York Mercantile Exchange, U.S. crude oil for delivery in April traded $0.13 or 0.25% higher to $51.70 a barrel during European early afternoon trade. Prices tumbled $0.99 or 1.87% on Thursday to settle at $51.83. Futures were likely to find support at $49.82, Thursday's low and resistance at $54.22, the high from February 18. Crude oil prices came under pressure after the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 7.7 million barrels in the week ended February 13, compared to expectations for an increase of 3.3 million barrels. Total U.S. crude oil inventories stood at 425.6 million barrels as of last week, the most on records dating back to August 1982. The report also showed that total motor gasoline inventories increased by 0.5 million barrels, compared to expectations for a gain of 0.2 million, while distillate stockpiles decreased by 3.8 million barrels. Oil prices have fallen sharply in recent months as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies. Meanwhile, investors continued to follow developments in Greece as another round of talks with eurozone finance ministers was set to take place on Friday after Germany rejected a proposed bailout extension request from Greece. The Greek request included a pledge to maintain "fiscal balance" for a six-month period, in order to give it time to reach a new agreement on growth over the next four years with its partners in the euro zone, Reuters reported. But German Finance Minister Wolfgang Schaeuble said it was "not a substantial proposal for a solution" and did not meet the criteria agreed on at the euro group meeting of euro zone finance ministers on Monday. Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery inched down just $0.01, or 0.01%, to hit $60.21 a barrel, with the spread between the Brent and the WTI crude contracts stranding at $8.51.

HDFC FUTURE>>>>>>
Counter in the Thursday’s session almost tested the previous swing high and ended around the same. Prices ended the Friday’s session with inside bar slide below 1324 will indicate possible formation of the double top chart pattern on the daily chart. Declining volume and negative diversion in the daily RSI are supporting the reversal view. Action Entry  Sell Below -1324  TGT- 1251 SL-1360.1 

Profit call update

CRUDE OIL CALL GIVEN 95 POINTS PER LOT, PROFIT =RS.9500/-.
NATURAL GAS CALL GIVEN 9.40  POINTS  PER LOT ,PROFIT = RS.11750/-
GOLD CALL GIVEN  159 POINTS PER LOT , PROFIT = RS.15900/-
SILVER CALL GIVEN 373 POINTS PER LOT , PROFIT = 11190/-
COPPER CALL NOT ACTIVE!
ZINC CALL NOT ACTIVE!

TODAY'S PROFIT IS RS.48340/- ENJOYYY
 

MARKETS VIEW

Gold remained in positive territory on Thursday, as concerns over Greece's debt woes intensified after Germany rejected a proposed bailout extension request from the Athens. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rallied $15.20, or 1.27%, to trade at $1,215.40 a troy ounce during U.S. morning hours after hitting a session high of $1,222.90. A day earlier, gold fell to $1,197.20, the lowest level since January 5, before settling at $1,200.20, down $8.40, or 0.7%. Futures were likely to find support at $1,177.80, the low from January 5, and resistance at $1,236.70, the high from February 17. The Greek government submitted a request for an extension of its existing loan agreement with the euro zone, which it differentiates from its bailout, earlier Thursday. But German Finance Minister Wolfgang Schaeuble said it was "not a substantial proposal for a solution" and did not meet the criteria agreed on at the euro group meeting of euro zone finance ministers on Monday. Greece’s current €240 billion bailout will expire on February 28 and the country will run out of money, which could trigger the country’s exit from the euro zone. Meanwhile, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending February 14 decreased by 21,000 to 283,000 from the previous week’s total of 304,000. Analysts had expected initial jobless claims to fall by 11,000 to 293,000 last week. Traders reassessed their expectations for the timing of the first U.S. rate hike following the release of dovish Fed minutes on Wednesday. According to the minutes, "many" policymakers were in favor of holding interest rates at current levels for longer and that raising rates too soon could weigh on the economic recovery. The dovish minutes prompted investors to push back expectations for the first U.S. rate hike to at least the second half of this year. A delay in raising interest rates would be seen as bullish for gold, as it decreases the relative cost of holding on to the metal, which doesn't offer investors any similar guaranteed payout. Elsewhere on the Comex, silver futures for March delivery jumped 31.3 cents, or 1.92%, to trade at $16.57 a troy ounce. On Wednesday, silver tumbled 11.3 cents, or 0.69%, to close at $16.26. Meanwhile, copper for March delivery eased down 0.7 cents, or 0.28%, to trade at $2.607 a pound in holiday-thinned trade. Markets in the world's biggest copper consumer, China, will remain closed until February 24 for the Lunar New Year holiday, removing a key support for prices. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year

NYMEX crude rebounds in early Asia as investors focus on Greece loans Crude oil prices rebounded in early Asia on Friday, shrugging off large builds in U.S. stockpiles, as investors looked ahead to Greece and the euro zone and whether the country can manages to secure continued debt financing. On the New York Mercantile Exchange, crude oil for delivery in April rose 0.40% to trade at $52.04 a barrel. Overnight, West Texas Intermediate oil futures remained in negative territory on Thursday, after data showed that oil supplies in the U.S. rose to the highest level on record, exacerbating fears over a glut in supplies. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 7.7 million barrels in the week ended February 13, compared to expectations for an increase of 3.3 million barrels. Total U.S. crude oil inventories stood at 425.6 million barrels as of last week, the most on records dating back to August 1982. The report also showed that total motor gasoline inventories increased by 0.5 million barrels, compared to expectations for a gain of 0.2 million, while distillate stockpiles decreased by 3.8 million barrels. The data came out one day later than usual due to Monday's Presidents Day holiday in the U.S. Elsewhere, on the ICE Futures Exchange in London, Brent oil for April delivery dropped $1.43, or 2.4%, to trade at $59.08 a barrel on Thursday. Oil prices have fallen sharply in recent months as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies. Meanwhile, market sentiment remained subdued following reports that Germany rejected a proposed bailout extension request from Greece, as Athens faces running out of money by the end of the month. The Greek government submitted a request for an extension of its existing loan agreement with the euro zone, which it differentiates from its bailout, earlier Thursday. But German Finance Minister Wolfgang Schaeuble said it was "not a substantial proposal for a solution" and did not meet the criteria agreed on at the euro group meeting of euro zone finance ministers on Monday. Greece’s current €240 billion bailout will expire on February 28 and the country will run out of money, which could trigger the country’s exit from the euro zone. (Investing)

                                                   CURRENCY VIEW

Major Forex News Yen blips higher after BoJ holds fire The yen steadied in early European deals on Wednesday, after a brief jump in Asian trading driven by the Bank of Japan's confirmation it saw no need to print more money to stimulate the economy. With all eyes fixed on Greek and euro zone politicians' efforts to steer a way to a new deal on Greece's international bailout, the euro was trading firmly in the middle of a 2-cent range it has held for more than three weeks. Price action generally was limited but the yen did blip higher after the BoJ decision to keep policy steady. Governor Haruhiko Kuroda said he saw no immediate need to expand monetary stimulus again with inflation heading up towards his 2 percent target, though he said the BOJ "would not hesitate" if the inflation outlook changed. As with the euro, a period of relative stability for the yen has raised some doubts over how fast even the United States' better economic performance will drive further gains for the dollar after a surge since the middle of last year."With the economy near full employment to case for further yen weakness is less compelling," strategists from French bank BNP Paribas said in a morning note. They still recommended adding to short positions betting on more yen weakness but emphasised the move would now be gradual. Rising U.S. front-end yields should encourage further capital outflows from Japan and a rebuilding of short yen positions among FX market participants from the current moderate level of -2 on our positioning monitor." Dealers said the yen should be stuck in the current range for longer. It traded just over 0.1 percent higher at 119.09 yen per dollar by 0825 GMT.It seems to me we are going to tumble between roughly 117-120 yen for a while and the moment it looks like pushing on through 120 some comment will come out, as happened last week, to dampen things," said a spot dealer at one international bank in London. The Japanese authorities clearly like a weak yen, but it has all been a bit too quick for the economy to adjust.Although Greece rejected a proposal to request a six-month extension of its international bailout on Monday, market players are betting that an agreement will be reached in the next couple of weeks. All eyes are on the European Central Bank on Wednesday, with sources telling Reuters that Germany's Bundesbank is leading opposition to increasing the 65 billion euros that the Greek central bank can give its struggling banks. Without an increase, the banks face a tightening squeeze as deposits continue to stream out, potentially forcing Athens to introduce capital controls if there is no deal in Brussels this month.  

QUOTE OF TODAY

JOIN OUR LONG TERM INVESTMENT PLAN  SET YOUR CHILDREN FUTURE  BRIGHT TODAY. INSTEAD OF MAKE AN INVESTMENT IN INSURANCE/MUTUAL FUND & FD'S

"PRECAUTION IS BETTER THAN CURE"  

FOR MORE INFORMATION JOIN OUR AWARENESS PROGRAM CALL AND BOOK YOUR SEAT FREE TODAY HURRY UP LIMITED SEATS.---9029947707 -- JYOTI 

PROFIT CALL UPDATE

CRUDE OIL TARGET DONE OF RS. 120/- EACH LOT PROFIT 12000/- ENJOY AND FOLLOW THE BLOG FOR MORE BENEFIT   

CURRENCY VIEW

MARKETS VIEW

Gold view