04 března 2009

4/3 Crude update

The Dollar index rose to its strongest level since April 2006 on the back of surprisingly dismal GBP data from Australia. Against the Euro it made a new high for the year.

This dollar strength combined with the extraordinarily weak economic outlook makes it difficult to see any major commodity demand for now. Short term the contract is capped between $38.70 and $42.10.

Long only funds begin their monthly roll from April to May on Friday and it will last for five days.

Weekly storage data today at 15:30 GMT, expect +1000k for Crude.

Support: 38.70 36.50
Resistance: 42.10 45.10

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