0 | P a g e www.capitalstars.com www.capitalstars.com | | CapitalStars Research CapitalStars Research CRUDE OIL SPECIAL REPORT APRIL
1 | P a g e FUNDAMETNALS Members and non-members from the OPEC are due to meet in Doha on April 17 to discuss the plan. OPEC sources said an emergency meeting aimed at stabilizing prices will likely be held in Doha in mid-April, earlier it was plan in March 20. So far, 10 countries have confirmed their attendance at the meeting, with only OPEC- member Libya saying it will not attend. Another 7 nations, Angola, Ecuador, Indonesia, Mexico, Kazakhstan, Azerbaijan and Norway, representing approximately 7 million bpd in production, remain uncommitted. Baker Hughes Friday's Rig Count Report is due on the day. Interest rate hikes are reduced from 4 to 2 times this year. This pushed down the US dollar index and boosted crude oil prices. China's crude-oil imports to grow at an average rate of 3.2% a year from 2016 to 2020, from an estimated 6.9 million barrels a day in 2016 to 7.8 million barrels a day in 2020. When oil prices drop very low, producers generally don’t stop producing. There are built-in delays in the oil production system. It takes several years to put a new oil extraction project in place. If companies have been working on a project, they generally won’t stop just because prices happen to be low. One reason for continuing on a project is the existence of debt that must be repaid with interest, whether or not the project continues
2 | P a g e Monthly Oil Market Report: BY OPEC • Wednesday, 13 April • Friday, 13 May • Monday, 13 June • Tuesday, 12 July • Wednesday, 10 August • Monday, 12 September • Wednesday, 12 October • Friday, 11 November • Wednesday, 14 December
3 | P a g e TECHNICAL VIEW MCX CRUDE OIL as seen in the monthly chart for the month of March opened at 2327 levels and made low of 2280 levels. During this period prices corrected & made high of 2835 levels finally closed at 2572 levels. Now, there are chances of upward movement technically & fundamentally. Technical view: Crude oil during the March made low 2280, but not sustain the near lows. As per candlestick pattern it has hammer, it is bearish reversal pattern, expected to bounce the prices for upside.
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