A Study On The Variation of Price Level Changes in Energy Commodities With Special Reference To Religare Securities LTD., Kochi

A STUDY ON THE VARIATION OF
PRICE LEVEL CHANGES IN ENERGY

COMMODITIES WITH SPECIAL
REFERENCE TO RELIGARE
SECURITIES LTD, KOCHI
PROJECT REPORT
submitted by
ASIF SALIH. M
Register No: 088001119004
in partial fulfillment of the award of the degree

of
MASTER OF BUSINESS ADMINISTRATION
IN
DEPARTMENT OF MANAGEMENT STUDIES
RVS COLLEGE OF ENGINEERING AND TECHNOLOGY

COIMBATORE 641 402
MAY 2010
RVS COLLEGE OF ENGINEERING AND

TECHNOLOGY COIMBATORE 641 402
DEPARTMENT OF MANAGEMENT STUDIES
PROJECT WORK
MAY 2010
This is to certify that the project entitled

A STUDY ON THE VARIATION OF PRICE LEVEL CHANGES
IN ENERGY COMMODITIES WITH SPECIAL REFERENCE TO
RELIGARE SECURITIES LTD, KOCHI
is the bonafide record of project work done by
ASIF SALIH. M
of Master of Business Administration during the year 2009-2010

.
Faculty Guide
HOD
Submitted for the project viva voce examination held on
...
Internal Examiner
External Examiner
DECLERATION
I affirm that the project work titled to A STUDY ON THE VARIATION OF PRICE LEVEL
CHANGES IN ENERGY COMMODITIES WITH SPECIAL REFERENCE TO RELIGARE
SECURITIES LTD, KOCHI being submitted in partial fulfillment for the award of MBA is the
original work carried out by me. It has not formed the part of any other project work submitted
for award of any degree or diploma, either in this or any other university.
ASIF SALIH. M
I certify that the declaration made above by the candidate is true
Mrs.D.VIJAYALAKSHMI
Sr.Lecturer-MBA, M.com, M.phil
RVS College of Engineering & Technology
ACKNOWLEDGEMENT
I extend my deep sense of gratitude and sincere thanks to our principal
Dr. V.GUNARAJ, ME., Ph.D for their value support in carrying out my project work.
I wish to express my sincere thanks to Dr. P.V.PRABHA MBA., Ph.D., Director,and

Prof.S.PREETHAM SRIDAR B.Sc., MBA., M.Phil.,(PhD), HOD.
RVS Institute of
Management Studies for their support in my project and guidance for doing the project work.
I express my sincere thanks to my project guide Mrs.D.VIJAYALAKSHMI, MBA.,

M.com,M.Phil, Senior Lecturer for the guidance and support for the preparation and study of the
organization.
I would like to express my sincere thanks to Mr. Manu Prasad, Branch manager
Religare Perinthalmanna with his full support & grateful guidance.
I also express my gratitude to all the Faculty Members, my friends, associate workers of
religare, Perinthalmanna and my parents who have helped me to carry out this work. Last but not
least I thank the Almighty God for his blessing showed on me during this work.
ASIF SALIH. M
CONTENTS
CHAPTERS
DESCRIPTION
PAGE NO
ABSTRACT
LIST OF TABLES
LIST OF CHARTS
1
INTRODUCTION
1.1 ABOUT THE INDUSTRY
1.2 ABOUT THE COMPANY
10
1.3 ABOUT THE STUDY
12
1.3.1. OBJECTIVES OF THE STUDY
13
1.3.2. SCOPE OF THE STUDY
14
1.3.3. LIMITATIONS OF THE STUDY
15
REVIEW OF LITERATURE
16
RESEARCH METHODOLOGY
19
ANALYSIS & INTERPRETATION
21
FINDINGS AND INFERENCES
67
RECOMMENDATIONS
69
CONCLUSION
70
APPENDIX
BIBLIOGRAPHY
ABSTRACT
The study was an attempt to analyze the price level variation in energy commodities of
crude oil and natural gas with special reference to RELIGARE commodities for four quarters
during the period of 2009-2010.
The study is based on the secondary data as the closing prices of crude oil and natural gas
for the four quarters. The data are collected only from the Indian market and the data collected
from the multi commodity exchange of India.
The analysis used for the study is technical analysis and major tool used for the study is
Moving Average Convergence and Divergence, Relative strength index, Rate of Change and
standard deviation for the study period.
The objective of the study is to find out the price level changes associated with the energy
commodities of crude oil and natural gas and thereby to find out the volatility and the rate of
change in the price of these commodities.
The study was an analytical in nature and the findings and recommendations are truly
based on the analysis of collected data.
LIST OF TABLES
SL. NO
DESCRIPTION
PAGE NO
4.1
TABLE SHOWING THE FIGURES MACD,

SMA, ROC & RSI
25
4.2

SMA, ROC & RSI
30
4.3

SMA, ROC & RSI
35
4.4

SMA, ROC & RSI
40
4.5

SMA, ROC & RSI
45
4.6

SMA, ROC & RSI
50
4.7

SMA, ROC & RSI
55
4.8

SMA, ROC & RSI
60
4.9
TABLE SHOWING STANDARD DEVIATION

CRUDE OIL AND NATURAL GAS FOR FOUR
QUARTERS
65
LIST OF CHARTS
SL.NO
DESCRIPTION
PAGE NO
4.1.1
CHART SHOWING MACD AND SMA
27
4.1.2
CHART SHOWING RSI
28
4.1.3
4.2.1
4.2.2
4.2.3
4.3.1
4.3.2
4.3.3
4.4 .1
4.4 .2
4.4 .3
4.5.1
4.5.2
CHART SHOWING ROC
29

CHART SHOWING RSI
32
33
CHART SHOWING ROC
34
CHART SHOWING RSI
37
38
CHART SHOWING ROC
39

CHART SHOWING RSI
42
43
CHART SHOWING ROC
44

CHART SHOWING RSI
47
48
S.NO
4.5.3
DESCRIPTION
PAGE NO
CHART SHOWING ROC
49

4.6.1
4.6.2
4.6.3
4.7.1
4.7.2
4.7.3
4.8.1
4.8.2
4.8.3
CHART SHOWING RSI
52
53
CHART SHOWING ROC
54

CHART SHOWING RSI
57
58
CHART SHOWING ROC
59

CHART SHOWING RSI
62
63
CHART SHOWING ROC
64
4.9.1
CHART SHOWING STANDARD DEVIATION

OF CRUDE OIL FOR FOUR QUARTERS
65
4.9.2
CHART SHOWING STANDARD DEVIATION

OF NATURAL GAS FOR FOUR QUARTERS
66
CHAPTER-1
INTRODUCTION
1.1 ABOUT THE INDUSTRY
A commodity is a good for which there is demand, but which is supplied without qualitative
differentiation across a market. It is fungible, i.e. the same no matter who produces it. Examples
are petroleum, notebook paper, milk or copper. In contrast, one of the characteristics of a
commodity good is that its price is determined as a function of its market as a whole. Wellestablished physical commodities have actively traded spot and derivative markets. Generally,
these are basic resources and agricultural products such as iron ore, crude oil, natural gas, coal,
ethanol, salt, sugar, coffee beans, soybeans, aluminum, copper, rice, wheat, gold, silver,
palladium, and platinum. Soft commodities are goods that are grown, while hard commodities
are the ones that are extracted through mining.
There is another important class of energy commodities which includes electricity, gas, coal and
oil. Electricity has the particular characteristic that it is either impossible or uneconomical to
store, hence, electricity must be consumed as soon as it is produced.
Commodity markets are markets where raw or primary products are exchanged. These raw
commodities are traded on regulated commodities exchanges, in which they are bought and sold
in standardized contracts.
History
The modern commodity markets have their roots in the trading of agricultural products. While
wheat and corn, cattle and pigs, were widely traded using standard instruments in the 19th
century in the United States, other basic foodstuffs such as soybeans were only added quite
recently in most markets. For a commodity market to be established, there must be very broad
consensus on the variations in the product that make it acceptable for one purpose or another.
10
The economic impact of the development of commodity markets is hard to overestimate.

Through the 19th century "the exchanges became effective spokesmen for, and innovators of,
improvements in transportation, warehousing, and financing, which paved the way to expanded
interstate and international trade.
India Commodity Market
India commodity market consists of both the retail and the wholesale market in the country. The
commodity market in India facilitates multi commodity exchange within and outside the country
based on requirements. Commodity trading is one facility that investors can explore for investing
their money. The India Commodity market has undergone lots of changes due to the changing
global economic scenario; thus throwing up many opportunities in the process. Demand for
commodities both in the domestic and global market is estimated to grow by four times than the
demand currently is by the next five years.
Commodity trading
Commodity trading is an interesting option for those who wish to diversify from the traditional
options like shares, bonds and portfolios. The Government has made almost all commodities
entitled for futures trading. Three multi commodity exchanges have been set up in the country to
facilitate this for the retail investors. The three national exchanges in India are:
Multi Commodity Exchange (MCX)
National Commodity and Derivatives Exchange (NCDEX)
National Multi-Commodity Exchange (NMCE)
Commodity trading in India is still at its early days and thus requires an aggressive growth plan
with innovative ideas. Liberal policies in commodity trading will definitely boost the commodity
trading. The commodities and future market in the country is regulated by Forward Markets
commission (FMC).
11
Size of the market

The trading of commodities consists of direct physical trading and derivatives trading. The
commodities markets have seen an upturn in the volume of trading in recent years. In the five
years up to 2007, the value of global physical exports of commodities increased by 17% while
the notional value outstanding of commodity OTC (over the counter) derivatives increased more
than 500% and commodity derivative trading on exchanges more than 200%.
The notional value outstanding of banks OTC commodities derivatives contracts increased
27% in 2007 to $9.0 trillion. OTC trading accounts for the majority of trading in gold and silver.
Overall, precious metals accounted for 8% of OTC commodities derivatives trading in 2007,
down from their 55% share a decade earlier as trading in energy derivatives rose.
Global physical and derivative trading of commodities on exchanges increased more than a third
in 2007 to reach 1,684 million contracts. Agricultural contracts trading grew by 32% in 2007,
energy 29% and industrial metals by 30%. Precious metals trading grew by 3%, with higher
volume in New York being partially offset by declining volume in Tokyo. Over 40% of
commodities trading on exchanges was conducted on US exchanges and a quarter in China.
Recent Trends in Commodities

The 2008 global boom in commodity prices - for everything from coal to corn was fueled by
heated demand from the likes of China and India, plus unbridled speculation in forward markets.
That bubble popped in the closing months of 2008 across the board. As a result, farmers are
expected to face a sharp drop in crop prices, after years of record revenue. Other commodities,
such as steel, are also expected to tumble due to lower demand. This will be a rare positive for
manufacturing industries, which will experience a drop in some input costs, partly offsetting the
decline in downstream demand.
12
Returns
Studies show that fully-collateralized commodity futures have historically offered the same
return and Sharpe ratio as equities. Commodities have an approximate expected return of 5% in
real terms which is based on the risk premium for 116 different commodities weighted equally
since 1888 (Source Report 219171-Wharton Business School). Investment professionals often
too mistakenly claim there is no risk premium in commodities
Spot trading
Spot trading is any transaction where delivery either takes place immediately, or with a
minimum lag between the trade and delivery due to technical constraints. Spot trading normally
involves visual inspection of the commodity or a sample of the commodity, and is carried out in
markets such as wholesale markets. Commodity markets, on the other hand, require the existence
of agreed standards so that trades can be made without visual inspect
Forward contracts
A forward contract is an agreement between two parties to exchange at some fixed future
date a given quantity of a commodity for a price defined today. The fixed price today is known
as the forward price.
Futures contracts
A futures contract has the same general features as a forward contract but is transacted through a
futures exchange. Commodity and Futures contracts are based on whats termed "Forward"
Contracts. Early on these "forward" contracts (agreements to buy now, pay and deliver later)
were used as a way of getting products from producer to the consumer. These typically were
only for food and agricultural Products. Forward contracts have evolved and have been
standardized into what we know today as futures contracts. Although more complex today, early
Forward contracts for example, were used for rice in seventeenth century Japan. Modern
"forward", or futures agreements, began in Chicago in the 1840s, with the appearance of the
railroads. Chicago, being centrally located, emerged as the hub between Midwestern farmers and
producers and the east coast consumer population centeres.
13
Commodity markets and protectionism

Developing countries (democratic or not) have been moved to harden their currencies, accept
IMF rules, join the WTO, and submit to a broad regime of reforms that amount to a "hedge"
against being isolated. China's entry into the WTO signaled the end of truly isolated nations
entirely managing their own currency and affairs. The need for stable currency and predictable
clearing and rules-based handling of trade disputes, has led to a global trade hegemony - many
nations "hedging" on a global scale against each other's anticipated "protectionism", were they to
fail to join the WTO
There are signs, however, that this regime is far from perfect. U.S. trade sanctions against
Canadian softwood lumber (within NAFTA) and foreign steel (except for NAFTA partners
Canada and Mexico) in 2002 signaled a shift in policy towards a tougher regime perhaps more
driven by political concerns - jobs, industrial policy, even sustainable forestry and logging
practices.
ENERGY COMMODITIES
Crude Oil
Crude oil is a mixture of hydrocarbons that exists in a liquid phase in natural underground
reservoirs. Oil and gas account for about 60 per cent of the total world's primary energy
consumption.
Almost all industries including agriculture are dependent on oil in one way or other. Oil &
lubricants, transportation, petrochemicals, pesticides and insecticides, paints, perfumes, etc. are
largely and directly affected by the oil prices.
Aviation gasoline, motor gasoline, naphtha, kerosene, jet fuel, distillate fuel oil, residual fuel oil,
liquefied petroleum gas, lubricants, paraffin wax, petroleum coke, asphalt and other products are
obtained from the processing of crude and other hydrocarbon compounds.
The prices of crude are highly volatile. High oil prices lead to inflation that in turn increases
input costs; reduces non-oil demand and lower investment in net oil importing countries.
14
Categories of Crude oil

West Texas Intermediate (WTI) crude oil is of very high quality. Its API gravity is 39.6 degrees
(making it a "light" crude oil), and it contains only about 0.24 percent of sulphur (making a
"sweet" crude oil). WTI is generally priced at about a $2-4 per-barrel premium to OPEC Basket
price and about $1-2 per barrel premium to Brent, although on a daily basis the pricing
relationships between these can very greatly.
Brent Crude Oil stands as a benchmark for Europe.
India is very much reliant on oil from the Middle East (High Sulphur). The OPEC has identified
China & India as their main buyers of oil in Asia for several years to come
Crude Oil Units (average gravity)

1 US barrel = 42 US gallons.
1 US barrel = 158.98 litres.
1 tonne = 7.33 barrels .
1 short ton = 6.65 barrels .
Global Scenario
Oil accounts for 40 per cent of the world's total energy demand.
The world consumes about 76 million bbl/day of oil.
United States (20 million bbl/d), followed by China (5.6 million bbl/d) and Japan (5.4 million
bbl/d) are the top oil consuming countries..
Balance recoverable reserve was estimated at about 142.7 billion tones (in 2002) of which OPEC
was 112 billion tones
15
Market Influencing Factors
OPEC output and supply.
Terrorism, Weather/storms, War and any other unforeseen geopolitical factors that causes
supply disruptions.
Global demand particularly from emerging nations.
Dollar fluctuations.
DOE / API imports and stocks.
Refinery fires & funds buying.
Natural Gas
Major Characteristics
Natural gas is a colourless, odourless, environment friendly energy source. It is a gas
consisting primarily of methane. It is found associated with fossil fuels, in coal beds, as methane
clathrates, and is created by methanogenic organisms in marshes, bogs, and landfills. Natural gas
is commercially produced mostly from oil fields and natural gas fields.
Before natural gas can be used as a fuel, it must undergo extensive processing to remove
almost all materials other than methane. The by-products of that processing include ethane,
propane, butanes, pentanes and higher molecular weight hydrocarbons, elemental sulfur, carbon
dioxide, and sometimes helium and nitrogen.
The major difficulty in the use of natural gas is transportation and storage. While,
pipelines are used for inland transport, it cannot be used under oceans, which is essential for
global trade. Liquified Natural Gas (LNG) is a proven commercial technology for transporting
natural gas across oceans. However, as special ships and separate LNG receiving terminals are
required, LNG projects are highly capital intensive in nature.
16
The major applications of natural gas are:

Fuel source for power generation
Domestic / Commercial utilization for cooking, warming as piped natural gas
Industrial uses: fuel source for boilers, ovens, air conditioners etc
Feed source for fertilizer manufacture
Compressed Natural Gas (CNG) is being widely used as an alternative automobile
fuel
Production of petrochemicals like methanol etc.
The other fractions obtained in natural gas processing like butane and propane are
used in manufacture of LPG (LIquified Petroleum Gas)
Global Scenario
The world's proven natural gas reserves as on January 1, 2009 are estimated at 185.2
trillion cubic metre, of which almost three-quarters are located in the Middle East and Eurasia.
Russia, Iran, and Qatar together account for about 57% of the total reserves.
Natural gas consumption has increased strongly over the past decade. However, despite
this rising consumption, reserves-to-production ratios for most regions are substantial.
Worldwide, the reserves-to-production ratio is estimated at 63 years.
The total global production of natural gas in 2008 is estimated to be 3065.6 billion cubic
metre with the main producing countries being Russia Federation (602 billion cubic metre), US
(582 bcm), Canada (175 bcm) and Iran (116 bcm).
The total global consumption of natural gas in 2008 is estimated to be 3018.7 billion
cubic metre with the main consuming countries being US (657 bcm), Russia Federation (420
billion cubic metre), Iran (117 bcm), Canada (100 bcm) are the major consumers.
17
Indian Scenario
Natural gas has gained prominence in India too as in the rest of the world over the last decade.
India has consumed around 41.4 bcm of natural gas in 2008, of which domestic production is
30.6 bcm and imports as LNG has been 10.79 bcm.
The share of imports is expected to increase in the coming years and cross 30%, from current
level of around 25%.
Fertilizer (41%) and power (37%) are the major users of natural gas in India. The fertilizer sector
in India is highly subsidized by the Government and it fixes the rate at which natural gas is
provided to the fertilizer manufacturing units.
Market Influencing Factors
Natural gas prices, too like that of any other commodity are a function of market supply and
demand. As there are limited alternatives for changing consumption or production in the short
run, changes in supply or demand over a short period often result in large price movements.
Strength of economy, weather and crude oil prices are the major demand-side factors influencing
price. Severe winter in developed countries can increase demand for domestic and commercial
heating and is a major influencing factor.
The supply side factors influencing prices are variations in natural gas production, imports and
storage levels. Hurricanes and severe weather can disrupt supply.
Macro-economic factors like exchange rates, interest rates and other economical indicators do
influence natural gas prices.
18
1.2 ABOUT THE COMPANY

ABOUT RELIGARE
Religare Enterprises Limited (REL) is a global financial services group with a presence across
Asia, Africa, Middle East, Europe and the Americas. In India, RELs largest market, the group
offers a wide array of products and services ranging from insurance, asset management, broking
and lending solutions to investment banking and wealth management. The group has also
pioneered the concept of investments in alternative asset classes such as arts and films. With
10,000 plus employees across multiple geographies, REL serves over a million clients, including
corporates and institutions, high net worth families and individuals, and retail investors.
Vision - To build Religare as a globally trusted brand in the financial services domain.
Mission - Providing complete financial care driven by the core values of diligence and
transparency.
Brand Essence - Core brand essence is Diligence and Religare is driven by ethical and dynamic
processes for wealth creation.
RELIGARE SECURITIES LIMITED
Religare Securities Limited (RSL), a 100% subsidiary of Religare Enterprises Limited is a
leading equity and securities firm in India. The company currently handles sizeable volumes
traded on NSE and in the realm of online trading and investments; it currently holds a reasonable
share of the market. The major activities and offerings of the company today are Equity Broking,
Depository Participant Services, Institutional Broking and Research Services. To broaden the
gamut of services offered to its investors, the company offers an online investment portal armed
with a host of revolutionary features.
RSL is a member of the National Stock Exchange of India, Bombay Stock
Exchange of India, Depository Participant with National Securities Depository Limited
and Central Depository Services (I) Limited.
19
Religare has been constantly innovating in terms of product and services and to
offer such incisive services to specific user segments it has also started the NRI, FII,
HNI and Corporate Servicing groups. These groups take all the portfolio investment
decisions depending upon a client's risk / return parameter.
Religare has a very credible Research and Analysis division, which not only
caters to the need of our Institutional clientele, but also gives their valuable inputs to
investment dealers.
RELIGARE COMMODITITES LIMITED
Religare Commodities Limited (RCL), a wholly owned subsidiary of Religare Enterprises
Limited was initiated to spearhead Exchange based Commodity Trading. As a member of
NCDEX, MCX and NMCE, RCL is a trade facilitator providing the platform to trade in
commodities. Grounded in the Religare philosophy, highly skilled and dedicated professionals
strive to offer the client best investment solutions across the country.
The Operating Fabric - Commodities Business
In terms of the business structure, RCL caters to retail investors through its 529 branches across
the country; Spot Exchange for catering to the needs of the clients who are sitting at commodity
hubs and the Corporate Desk for the HNIs / Corporate catering to special trading strategies as per
their business interests.
Our business philosophy is to treat each client situation as unique, requiring customized
solutions. Our list of corporate clients reads like a Whos Who of the Indian Industry and we
have been successful in providing them with practical customized solutions for their
requirements. We are propelled by our group vision and desire to strive tirelessly and aim to be
the best within this category.
20
1.3 ABOUT THE STUDY

The Indian commodity futures market, comprising 19 commodity specific regional exchanges
and three national-level multi-commodity electronic exchanges, has staged a spectacular
comeback with the total turnover increasing by a compounded annual rate of over 100 percent
during this period. This shows the presence and importance of Indian commodity market. Our
commodity market is fully controlled by forward markets commission.
A study on the variation of price level changes in energy commodities with special reference to
Religare Securities Ltd., is based on analytical in nature. The researcher took the secondary data
for analysis by using the various tools like MACD, RSI, ROC, and SD. This will helps to
provide a basic indication about the commodity market. Here the researcher has taken the period
of the study as one year from the financial year 2009-2010. The analysis is conducted on the
energy commodities like Crude oil and Natural gas. This study is conducted on the Indian
context of the commodity market. But it has the effect of the global commodity market. In this
study the researcher tried to find out the price level variation of the energy commodities.
21
1.3.1 OBJECTIVES OF THE STUDY
PRIMARY OBJECTIVE
To find out the price level changes associated with the crude oil and natural gas.
SECONDARY OBJECTIVES
o To find out the major factors affecting the crude oil and natural gas.
o To find out the rate of changes of commodities over a period of time.
o To find out the buy or sell signals.
o To find out the greatest volatile commodity.
22
1.3.2 SCOPE OF THE STUDY

The scope of the study is limited to Indian commodity market. Thus it helps to see the movement
in these commodities. This study would be useful for those who are the commodity traders,
potential traders and trading institutions to understand and evaluate the market. The data taken
for the analysis is on year from 1st April 2009 to 31st mar 2009.indian market is also dependent
on the international market, so the price changes in the international commodity market will
make an effect on the Indian commodity market also.
I took the commodities as crude oil and natural gas for the study; these commodities are having
more volatility in its prices. The price of crude oil and natural gas is also depending on the
changes that are occurring in the international market because these are the important energy
commodities and its price fluctuating as per the demand and supply of various countries. The
analysis used for the study is the technical analysis and tools used for the study is the Moving
Average Convergence and Divergence, Relative Strength Index, Rate Of Change and Standard
Deviation on the price of the crude oil and natural gas.
23
1.3.3 LIMITATIONS OF THE STUDY

The time for the study is very limited and it caused to conduct not for a deep study.
Data are collected only from Indian market
The effect of speculation is more in commodity market
The prediction on the basis of past performance may not be the truth
24
CHAPTER-2
REVIEW OF LITERATURE
Brown And Jennings (1989)-Unlikely the efficient markets hypothesis which assumes that
information is available to all investors and the same gets quickly reflected in prices.
Jagdesh (1990)-In the period of 1934 to n1987 stock with large looser in one month trend show a
signified reversal in the following month and vice versa.
Dow Jones (1991)-The market is always considered as having three movements all going at the
same time. The first is the narrow movement from day to day. The second is the short slowing
running from two weeks to a mark or more, the third is the main movement, covering at least
four years in its duration.
Hirson (1991)-Whether it work or not technical analysis is no quick road to richer even die hard.
Technical analysts say that the method works best when accompanied by fundamental research.
For example, time entry and exit point for a stock.
Martin.J. Pring (1991)-The Technical approach to investing is essentially a reflection of the idea
that prices move in trends which are determined by the changing attitudes of investors towards a
variety of economic monetary political and psychological factors
Robert A Levy (1991)-Market prices are determined by the interaction of supply and demand
forces. Supply and demand are influences by a variety of factors both rational and irrational.
Because of persistence of trends and patterns analysis of past market data can be used to predict
future price behavior.
25
Chodra Swaminathan (2000)-Trading volume has bearing on lead and large observed in stock
prices return on volume portfolio.
Dow Jones (2007)-No single individual or buyer can influence the major trend of the
market/how ever an individual investor can affect the daily price movement by buying or selling
huge quantum of particular scrip.
Bardie, Kane, Marcus (2008)-As prices unfold each trader infers the goods the goods, nature of
the signals receives by other trader and updates assessments of the firm accordingly. Prices
reveal as well as reflect information and become useful data to traders.
John Magee (2008)-The technician has elected to study not the mass of fundamentals but
certain abstraction namely the market date alone. he is fully aware that he is also aware that
what he is looking it is indeed a fairly high order of abstraction and what on the back of it lies the
whole complicated world of things and events
26
REFERENCE
Vk.Bhalla 1982, Investment Analysis and Portfolio Management, 14th edition 2008, Page
No.525, 526.
Jagdesh (1990), Journal of finance article, July 1990, April 2000.
Hirson (1991), Wall street journal Dec 19, 1991
Prasanna Chandra 1991, Investment analysis and portfolio mgt, McGraw-Hill publishing co.ltd,
Third edition, page no.465, 466.
Punithavathy pandian,,2007 Security analysis and portfolio management, Vikas publishing house
limited,reprint 2007,Fourth edition Page No_258,259.
S Chand,2007, Security Analysis and Portfolio Management,7th edition.
27
CHAPTER-3
RESEARCH
According to Clifford Woody research comprises defining and redefining problems; formulating
hypothesis or suggested solutions; collecting; organizing and evaluating data making deductions
and researching conclusions.
RESEARCH METHODS
It may be understood as all those methods/techniques that are used for conduction of
research. The researchers use Research methods or techniques, in performing research
operations.
In other words, all those methods which are used by the researcher during the course of
studying his research problem are termed as research methods.
Collection of data
Analytical tools
Evaluate the accuracy of the results obtained.
Research methodology is a way to systematically solve the research problem. All methods which
are used by the researcher during the course of studying his research problem are termed as
research methods.
28
RESEARCH DESIGN
Research Design is the conceptual structure with in which research would be conducted. If
facilitates to be as efficient as possible yielding maximal information or provide for the
collection of relevant evidence with minimal expenditure of effort, time and money.
Type of research
The project work was based on analytical research. Analytical research is using the facts or
available information and analyzing these to make a critical evaluation of the material. This is
most commonly used when we want to know about the financial performance.
Formulation of research problem
Formulation of research means selection of topic up on which research is conducted. In this case
the problem is to find out the variation of price level changes associated with the energy
commodities of crude oil and natural gas.
Period of study
The study covers a period of four quarters from April 2009 march 2010.
SOURCE USED FOR DATA COLLECTION
Secondary sources
The data are collected by using secondary sources such as books and websites.
TOOLS USED FOR THE STUDY
The important tools used for the study is
Technical analysis
Moving Average Convergence and Divergence
Relative Strength Index
Rate of Change
Standard Deviation
29
CHAPTER-4
ANALYSIS AND INTERPRETATION
Technical analysis
Technical analysis is a security analysis discipline for forecasting the future direction of prices
through the study of past market data, primarily price and volume.
Technical Analysis: Introduction
Technical analysis is a method of evaluating securities by analyzing the statistics generated by
market activity, such as past prices and volume. Technical analysts do not attempt to measure a
security's intrinsic value, but instead use charts and other tools to identify patterns that can
suggest future activity
Just as there are many investment styles on the fundamental side, there are also many different
types of technical traders. Some rely on chart patterns, others use technical indicators and
oscillators, and most use some combination of the two. In any case, technical analysts' exclusive
use of historical price and volume data is what separates them from their fundamental
counterparts. Unlike fundamental analysts, technical analysts don't care whether a stock is
undervalued - the only thing that matters is a security's past trading data and what information
this data can provide about where the security might move in the future.
The field of technical analysis is based on three assumptions:
1.
The market discounts everything.
2.
Price moves in trends.
3.
History tends to repeat itself.
30
1. The Market Discounts Everything

A major criticism of technical analysis is that it only considers price movement, ignoring the
fundamental factors of the company. However, technical analysis assumes that, at any given
time, a stock's price reflects everything that has or could affect the company - including
fundamental factors. Technical analysts believe that the company's fundamentals, along with
broader economic factors and market psychology, are all priced into the stock, removing the
need to actually consider these factors separately. This only leaves the analysis of price
movement, which technical theory views as a product of the supply and demand for a particular
stock in the market.
2. Price Moves in Trends
In technical analysis, price movements are believed to follow trends. This means that after a
trend has been established, the future price movement is more likely to be in the same direction
as the trend than to be against it. Most technical trading strategies are based on this assumption.
3. History Tends To Repeat Itself
Another important idea in technical analysis is that history tends to repeat itself, mainly in terms
of price movement. The repetitive nature of price movements is attributed to market psychology;
in other words, market participants tend to provide a consistent reaction to similar market stimuli
over time. Technical analysis uses chart patterns to analyze market movements and understand
trends. Although many of these charts have been used for more than 100 years, they are still
believed to be relevant because they illustrate patterns in price movements that often repeat
themselves.
Not Just for Stocks
Technical analysis can be used on any security with historical trading data. This includes stocks,
futures and commodities, fixed-income securities, forex, etc. In this tutorial, we'll usually
analyze stocks in our examples, but keep in mind that these concepts can be applied to any type
of security. In fact, technical analysis is more frequently associated with commodities and forex,
where the participants are predominantly traders.
31
TOOLS USED FOR TECHNICAL ANALYSIS

Moving Average Convergence Divergence or MACD
MACD stands for Moving Average Convergence/Divergence. It was originally developed by
Gerald Appel in the 1960's. As the name suggests, it is based upon the principal of the moving
average. The MACD is calculated by simply the taking difference between two exponential
moving averages of different periods. Most stock and share analysts seem to prefer to compare a
26 day exponential moving average (EMA) with a 12 day EMA.
Calculation of MACD
Simply deducting the longer (for example the 26 day) Exponential Moving Average from the
shorter (e.g. 12 day) EMA gives you the MACD value. This value oscillates around a zero point,
zeros being where the 26 day EMA is identical, and therefore (usually) crosses over the 12 day
EMA.
Relative Strength Index or RSI

RSI stands for Relative Strength Index. It was originally developed by J. Welles Wilder, Jr, who
first introduced the concept of RSI to the world in his 1978 book, New Concepts in Technical
Trading Systems.
Calculation of the RSI Indicator
Wilder's RSI looks at the positive and negative price changes over a period of days prior to
"today" and, from these changes, calculates a RSI figure for "today" which can oscillate between
0 and 100. Wilde preferred to use 14 days as a period for calculation, and this appears to
continue to be a popular choice, but some analysts and charts may use periods as low as 8 or as
high as 25 days.
RSI = 100 - (100(1+RS))
32
Rate OF Change or ROC

ROC stands for Rate of Change, and is one of the most well-known and popular of stock and
share technical indicators. The ROC indicator is an momentum or velocity oscillator, with its
movement oscillating around a central zero-point level. As with many technical indicators, a set
period is used to compare with today's price. This period can be as small as 1 day or as large as
200 days or more, but the most typical periods used are 10, 12 or 25 days.
Calculation of the ROC Indicator
ROC= ((today's closing price - closing price at [period number of days ago]) closing price at
[period number of days ago]) x 100
Standard Deviation (Volatility)

Standard deviation is a statistical term that provides a good indication of volatility. It measures
how widely values (closing prices for instance) are dispersed from the average. Dispersion is the
difference between the actual value (closing price) and the average value (mean closing price).
The larger the difference between the closing prices and the average price, the higher the
standard deviation will be and the higher the volatility. The closer the closing prices are to the
average price, the lower the standard deviation and the lower the volatility.
The mathematical formula is as follows:
33
ANALYSIS AND INTERPRETATION-CRUDE OIL

FIRST QUARTER
4.1 TABLE SHOWING THE FIGURES MACD, SMA, ROC & RSI
Date
1-Apr-09
2-Apr-09
3-Apr-09
4-Apr-09
6-Apr-09
7-Apr-09
8-Apr-09
9-Apr-09
11-Apr-09
13-Apr-09
14-Apr-09
15-Apr-09
16-Apr-09
17-Apr-09
18-Apr-09
20-Apr-09
21-Apr-09
22-Apr-09
23-Apr-09
24-Apr-09
25-Apr-09
27-Apr-09
28-Apr-09
29-Apr-09
1-May-09
2-May-09
4-May-09
5-May-09
6-May-09
7-May-09
8-May-09
11-May-09
12-May-09
13-May-09
Close(Rs)
2707
2861
2892
2901
2875
2833
2858
2897
2939
2866
2853
2797
2811
2828
2835
2703
2683
2643
2645
2722
2690
2650
2643
2682
2783
2762
2826
2829
2903
2906
2974
2979
2998
3006
MACD
SMA
ROC
RSI
73.54487
63.34973
56.86236
46.71571
16.92887
-17.0287
-53.28
-86.0036
-103.431
-121.177
-137.899
-151.776
-159.289
-152.38
-153.151
-142.374
-132.183
-112.943
-97.1401
-76.5009
-64.4845
-57.5828
-51.941
-57.2536
-78.5925
-104.176
2862.556
2880.222
2879.333
2868.778
2858.778
2853.556
2853.778
2836.556
2812.778
2779.889
2755.333
2740.778
2728.889
2711
2690.444
2673.444
2682.333
2691.111
2711.444
2731.889
2752
2776
2812
2849.333
2884.444
2909.222
5.873661
-0.27962
-3.28492
-3.10238
-1.63478
0.070597
-5.42337
-7.38695
-10.0715
-7.7111
-4.59166
-3.82553
-5.7275
-6.54173
-5.39683
2.959674
2.944465
6.92395
6.956522
6.649522
8.02974
12.22642
12.71283
11.78225
8.012936
61.67883
48.97459
47.38213
44.28094
44.47662
51.53371
48.76002
45.46585
44.89424
48.75948
57.14325
55.12373
59.788
59.99788
64.86877
65.05454
69.0497
69.32738
70.41364
70.88124
34
14-May-09
15-May-09
16-May-09
18-May-09
19-May-09
20-May-09
21-May-09
22-May-09
23-May-09
25-May-09
26-May-09
27-May-09
28-May-09
29-May-09
30-May-09
1-Jun-09
2-Jun-09
3-Jun-09
4-Jun-09
5-Jun-09
6-Jun-09
8-Jun-09
9-Jun-09
10-Jun-09
11-Jun-09
12-Jun-09
13-Jun-09
15-Jun-09
16-Jun-09
17-Jun-09
18-Jun-09
19-Jun-09
20-Jun-09
22-Jun-09
23-Jun-09
24-Jun-09
25-Jun-09
26-Jun-09
27-Jun-09
29-Jun-09
30-Jun-09
2967
2898
2877
2900
2928
2969
2940
2927
2934
2943
2982
3059
3130
3132
3171
3237
3273
3155
3310
3303
3287
3314
3343
3404
3491
3470
3473
3400
3425
3417
3478
3400
3386
3289
3341
3335
3428
3353
3352
3449
3344
-115.267
-132.722
-142.412
-155.464
-171.873
-188.251
-206.733
-224.555
-228.358
-222.718
-213.955
-203.557
-185.239
-169.808
-170.495
-146.999
-121.673
-106.598
-89.5894
-77.9093
-53.8989
-20.4332
-2.81273
19.5032
2932
2940
2945.333
2945
2947.444
2946.889
2942.556
2934.667
2926.667
2924
2933.333
2953.556
2979.111
3001.778
3024.222
3057.222
3095.667
3120.222
3161
3196.667
3222
3242.444
3265.889
3291.778
3320
3341.889
3377.222
3387.222
3400.778
3415.222
3433.444
3439.778
3437.778
3415.333
3401
3385.667
3388.778
3380.778
3373.556
3370.333
3364.111
35
7.422158
2.547771
1.696713
-0.10334
0.757054
-0.16812
-1.30916
-2.36825
-2.39521
-0.8089
2.898551
6.326034
7.931034
6.967213
6.803638
10.10204
11.82098
7.532379
12.47027
10.76459
7.453416
5.878594
6.736909
7.34784
7.846772
6.018943
10.07924
2.719033
3.693612
3.954974
4.948702
1.705055
-0.52879
-5.78631
-3.71758
-3.97351
0.823529
-2.10219
-1.90225
-0.83381
-1.64706
65.45051
57.11308
54.82408
56.86324
59.27335
62.57103
58.93599
57.32818
57.99272
58.87939
62.56667
68.56082
72.87408
72.98651
75.14944
78.31395
79.82322
64.08063
71.91573
71.1608
69.36833
70.70915
72.12072
74.86463
78.16536
75.5852
75.70856
66.85644
68.22659
67.26826
70.65316
61.84596
60.39085
51.37222
55.23192
54.6925
61.04343
54.41856
54.33389
60.71844
52.20929
4.1.1 CHART SHOWING MACD AND SMA
INTERPRETATION
The above charts represent simple moving average and moving average convergence divergence.
The SMA shows just the price variation. A sharper movement of the up or down of the MACD is
the stronger sign to buy or sell commodities. Here in the starting period of the first quarter the
MACD shows a decrease up to 29th April, then it moves upward but it is not touching the signal
line and it again coming down till 25th may, after that it shows an upward movement and which
crosses the signal line.
INFERENCE
The chart shows an upward trend in the last month. An upward trend is the signal to buy the
commodity and sell when price rises.
36
4.1.2 CHART SHOWING RSI
INTERPRETATION
RSI is a momentum oscillator, which measures the speed of directional price movement and it
also indicates when a stock or share is overbought or oversold. If RSI drops below 30 it indicates
the commodity is oversold and above 70 shows overbought.
Here in the chart shows from the 18th April to 15th May the RSI shows an upward more than 70
and no downward less than 30.on 16th may an upward movement was there. Then it comes down,
from 30th may the RSI go beyond the 80 mark and then it starts coming down.
INFERENCE
Here when the RSI cross the 70 that was a time to sell the shares. In the June the RSI shows
decreasing trend, so once it comes down below 30 the investors can buy the security in order to
make profit
37
4.1.3 CHART SHOWING ROC
INTERPRETATION
Rate of Change Indicator can give a good idea of a stock, share or market's cyclical pattern of
movement upwards and downwards, and the graphical display of ROC can be a way to identify
these cycles better than just looking at the share price graph alone.
In the above chart 13th April to 20th April ROC shows a downward movement. From 27th April
09 onwards ROC shows a high increase, then it starts coming down till 23rd May ,then it again
starts increasing. From 15 June the ROC shows coming down. In the 29th June the shows a
decreasing trend.
INFERENCE
In the month of June 09 the ROC shows a negative movement. So here if the investor buys
commodity means there is a chance of facing loss, now it shows a sell signal.
38
SECOND QUARTER
Date
1-Jul-09
2-Jul-09
3-Jul-09
4-Jul-09
6-Jul-09
7-Jul-09
8-Jul-09
9-Jul-09
10-Jul-09
11-Jul-09
13-Jul-09
14-Jul-09
15-Jul-09
16-Jul-09
17-Jul-09
18-Jul-09
20-Jul-09
21-Jul-09
22-Jul-09
23-Jul-09
24-Jul-09
25-Jul-09
27-Jul-09
28-Jul-09
29-Jul-09
30-Jul-09
31-Jul-09
1-Aug-09
3-Aug-09
4-Aug-09
5-Aug-09
6-Aug-09
7-Aug-09
8-Aug-09
10-Aug-09
11-Aug-09
12-Aug-09
Close(Rs)
3638
3401
3390
3384
3301
3270
3200
3116
3116
3116
3105
3125
3148
3165
3267
3275
3288
3307
3313
3405
3442
3450
3453
3399
3271
3392
3434
3472
3539
3539
3563
3590
3573
3547
3543
3517
3550
MACD
SMA
ROC
RSI
-34.0769
-61.9515
-86.5433
-97.5934
-107.008
-115.95
-123.846
-129.664
-119.627
-106.03
-92.1632
-82.9949
-86.3532
-100.695
-92.2034
-85.1147
-83.8503
-70.7929
-61.4484
-51.0337
-40.7654
-27.6234
-19.8384
-14.8178
-18.6869
-16.7076
-2.31115
-5.752
-7.84666
3312.889
3254.889
3222
3192.556
3166.333
3151.222
3150.889
3159.222
3178.333
3199.556
3221.444
3254.778
3290
3323.556
3355.556
3370.222
3369.778
3381.333
3395.444
3413.111
3428
3438.778
3451.333
3466.556
3485.889
3516.556
3533.333
3542.556
3551.222
-14.3485
-8.70332
-7.81711
-6.974
-4.11996
-0.09174
2.34375
5.519897
6.129653
6.322208
9.661836
10.144
9.593393
9.099526
4.040404
-0.12214
3.163017
3.840339
4.799276
3.935389
2.818129
3.275362
3.967564
5.119153
8.437787
4.451651
2.417006
2.246544
23.30935
24.24839
25.83753
28.20803
28.98003
39.68928
43.38668
44.18345
44.49891
40.1052
32.03169
43.59185
46.96377
49.88283
54.62485
54.62485
56.341
58.2539
56.57317
54.00674
53.60385
50.94357
54.05993
39
13-Aug-09
14-Aug-09
17-Aug-09
18-Aug-09
19-Aug-09
20-Aug-09
21-Aug-09
22-Aug-09
24-Aug-09
25-Aug-09
26-Aug-09
27-Aug-09
28-Aug-09
29-Aug-09
31-Aug-09
1-Sep-09
2-Sep-09
3-Sep-09
4-Sep-09
5-Sep-09
7-Sep-09
8-Sep-09
9-Sep-09
10-Sep-09
11-Sep-09
12-Sep-09
14-Sep-09
15-Sep-09
16-Sep-09
17-Sep-09
18-Sep-09
19-Sep-09
21-Sep-09
22-Sep-09
23-Sep-09
24-Sep-09
25-Sep-09
26-Sep-09
28-Sep-09
29-Sep-09
30-Sep-09
3578
3456
3428
3518
3655
3616
3627
3631
3656
3548
3536
3547
3600
3591
3472
3434
3372
3379
3378
3364
3360
3493
3520
3512
3388
3389
3388
3459
3495
3515
3521
3495
3381
3445
3335
3202
3182
3185
3238
3210
3337
4.567443
36.97656
60.14067
82.46423
92.82071
103.2958
95.85266
96.6781
99.52791
110.6549
113.8837
95.64554
72.67665
42.94688
20.46974
9.594819
-5.96353
-11.4755
14.93508
44.40846
69.39293
68.90053
3555.556
3546.333
3531.333
3523.333
3532.444
3540.111
3549.444
3562.111
3573.889
3570.556
3579.444
3592.667
3601.778
3594.667
3578.667
3557.222
3528.444
3497.667
3478.778
3459.667
3438.889
3427
3419.111
3423.556
3418.444
3420.333
3421.333
3430.333
3444.889
3462.111
3465.222
3462.444
3447.889
3454.222
3448.222
3427.556
3396.778
3362.333
3331.556
3297
3279.444
40
1.102006
-2.3453
-3.78894
-2.00557
2.29499
1.945306
2.370872
3.241399
2.985915
-0.83846
2.314815
3.471412
2.33087
-1.75103
-3.9823
-5.3212
-7.13302
-7.57659
-4.79143
-4.86425
-5.27206
-2.97222
-1.97717
1.152074
-1.33955
0.504152
0.266351
2.397869
3.894174
4.613095
0.801603
-0.71023
-3.73007
1.682409
-1.59339
-5.48996
-8.00809
-8.86981
-7.88051
-8.83272
-4.52074
56.58031
44.99674
42.82951
50.99903
60.29912
56.98353
57.69018
57.96062
59.69468
50.08363
49.13699
50.06865
54.40243
53.55242
43.8063
41.22614
37.35975
38.06599
38.00008
37.03327
36.74561
50.51054
52.75808
52.00447
41.99202
42.08885
42.01332
49.00969
52.16144
53.86746
54.39292
51.6476
41.70768
47.78344
40.05572
33.08804
32.18148
32.48032
37.70292
36.11366
47.02174
INTERPRETATION
Here in the starting period of the second quarter the MACD shows a decreases from 10th July 09
to 17th July, then it moves upward till 24th July and then it shows an crossing the signal line and
it increases up to 28th august then it comes down below the signal line but from 4th sep 2009 it
shows an increase in the MACD
INFERENCE
In the month of Aug 09 the MACD shows a positive movement. An upward movement of the
MACD line and if it crossing the signal line means it is the time to buy the commodity. Now it
shows a buy signal.
41
INTERPRETATION
In the chart on 17th July 09 RSI is below the 30 and it starts increasing. On 31st July 2009
the RSI Came down, then starts an upward movement. Then till the last month a small variations
were in the RSI. Then from 25th sep onwards it starts moving upward.
INFERENCE
In the month of Sep 09 the RSI shows increasing trend, but now the trend shows a buy signal of
the commodity.
42
INTERPRETATION
In this chart on 11th July onwards the ROC shows an increase, on 25th July 2009 it starts coming
down. Then it increases up to 8th august 09.then it comes down. From 5th Sep 2009 ROC starts
increasing and on 19 Sep it again starts coming down.
INFERENCE
In the last few days in the month of Sep 09 ROC shows a positive movement, so it is a better
signal to buy the securities in order to get profit from the upward movement of the price.
43
THIRD QUARTER
Date
1-Oct-09
3-Oct-09
5-Oct-09
6-Oct-09
7-Oct-09
8-Oct-09
9-Oct-09
10-Oct-09
12-Oct-09
13-Oct-09
14-Oct-09
15-Oct-09
16-Oct-09
17-Oct-09
19-Oct-09
20-Oct-09
21-Oct-09
22-Oct-09
23-Oct-09
24-Oct-09
26-Oct-09
27-Oct-09
28-Oct-09
29-Oct-09
30-Oct-09
31-Oct-09
2-Nov-09
3-Nov-09
4-Nov-09
5-Nov-09
6-Nov-09
7-Nov-09
9-Nov-09
10-Nov-09
11-Nov-09
12-Nov-09
13-Nov-09
Close(Rs)
3461
3461
3421
3438
3353
3385
3425
3425
3509
3516
3540
3571
3661
3723
3714
3712
3829
3814
3809
3794
3768
3777
3740
3807
3706
3699
3725
3793
3826
3811
3681
3703
3771
3709
3741
3673
3646
MACD
SMA
ROC
RSI
-158.865
-135.704
-112.24
-97.2036
-84.7882
-47.5934
-20.1606
-2.97913
13.23402
20.3841
32.48307
39.08502
56.52431
50.48931
41.69849
38.87719
49.22657
65.77692
76.26193
64.09195
63.45059
71.7008
69.48999
74.57849
68.21105
51.71565
40.47035
43.19872
51.83548
3430.889
3437
3445.778
3462.444
3487.222
3528.333
3564.889
3596.778
3641.667
3675.556
3708.111
3736.333
3758.222
3771.111
3773
3783.333
3782.667
3768.222
3758.333
3756.556
3760.111
3764.889
3754.222
3750.111
3746.111
3746.444
3751.111
3745.333
3729
1.589136
2.282577
4.384683
6.486329
11.03489
9.71935
8.379562
11.79562
8.691935
8.333333
7.175141
5.516662
3.168533
0.456621
2.504039
-0.16164
-3.39514
-2.33351
-0.42006
0.843437
1.141189
-2.5417
-0.9893
-0.94563
0.08095
1.135442
-1.39597
-3.87556
74.28023
73.97442
79.3345
77.14096
76.38283
74.03219
70.01041
70.60568
64.90211
69.67865
57.06992
56.30939
58.52045
63.69528
65.91748
63.99987
50.33346
52.19393
57.49398
51.84968
54.34115
48.58772
46.48329
44
14-Nov-09
16-Nov-09
17-Nov-09
18-Nov-09
19-Nov-09
20-Nov-09
21-Nov-09
23-Nov-09
24-Nov-09
25-Nov-09
26-Nov-09
27-Nov-09
30-Nov-09
1-Dec-09
2-Dec-09
3-Dec-09
4-Dec-09
5-Dec-09
7-Dec-09
8-Dec-09
9-Dec-09
10-Dec-09
11-Dec-09
12-Dec-09
14-Dec-09
15-Dec-09
16-Dec-09
17-Dec-09
18-Dec-09
19-Dec-09
21-Dec-09
22-Dec-09
23-Dec-09
24-Dec-09
26-Dec-09
28-Dec-09
29-Dec-09
30-Dec-09
31-Dec-09
3628
3703
3736
3723
3689
3652
3671
3686
3601
3630
3629
3605
3613
3711
3633
3626
3612
3618
3588
3533
3417
3371
3377
3363
3383
3408
3484
3462
3504
3504
3469
3492
3578
3614
3633
3681
3684
3725
3727
56.98012
58.54951
58.64463
70.92262
88.34356
91.05408
100.1913
107.6158
109.4655
107.5134
122.9354
121.3437
119.1069
117.8262
116.3291
104.2805
82.63821
44.56359
1.131199
-35.7418
-72.9131
-102.402
3707
3695
3701.111
3703.333
3694.222
3687.889
3680.111
3681.556
3676.556
3676.778
3668.556
3654
3641.778
3644.222
3642.111
3637.111
3628.889
3630.778
3626.111
3615.444
3594.556
3567.667
3530.556
3500.556
3473.556
3450.889
3436
3422
3418.778
3428.444
3439.333
3452.111
3476
3501.667
3526.667
3548.556
3573.222
3597.778
3622.556
45
-5.17512
-2.8339
1.494159
0.540103
-2.17449
-1.5368
-1.87116
0.353934
-1.23423
0.055127
-1.99838
-3.50642
-2.95461
0.596368
-0.52026
-1.22582
-2.0076
0.472091
-1.15702
-2.64536
-5.21498
-6.69803
-9.00027
-7.43187
-6.7016
-5.64784
-3.7037
-3.51171
-0.82083
2.546093
2.907149
3.405389
6.393101
6.828259
6.602113
5.65442
6.412478
6.307078
6.364155
45.08145
51.62743
54.21345
53.01114
49.89456
46.67841
48.51372
49.97757
42.58823
45.54639
45.4594
43.32109
44.26224
54.27803
47.0337
46.43473
45.19508
45.86214
43.04124
38.38036
30.80386
28.4089
29.18231
28.41105
31.20814
34.64555
43.83369
41.99324
46.60268
46.60268
43.27889
46.00427
54.75776
57.83898
59.41018
63.14671
63.37365
66.41731
66.56327
4.3.1CHART SHOWING MACD AND SMA
INTERPRETATION
In the starting period of the third quarter the MACD moves upward and crosses the signal line, it
is a best time for buying the commodity, then it shows only a small changes in the MACD up to
5th December, then it shows a high decrease thereafter.
INFERENCE
In the month of Dec 09 MACD of the commodity show coming down and it crosses the signal
line negatively. So it is not a buy the commodity because it shows a downward trend.
46
INTERPRETATION
In the on 19th Oct the RSI is beyond the 70 mark, so now it is a sell signal. Then it came down
till 2nd Nov. Then it starts a small increase and then it came down. On 30th Nov it shows a slight
upward movement. In the last of the quarter the RSI shows an increase.
INFERENCE
In the month of Dec 09 onwards the RSI shows an increase, so it was a time to buy the securities
because the RSI was below 30 mark .now RSI is near the 70 mark limit. Now the RSI movement
shows a sell signal.
47
INTERPRETATION
The chart shows more fluctuation in the price. On 13th Oct ROC shows an increasing trend. On
20th Oct it starts coming down till 1st Nov. On 15th Dec onwards the ROC show an upward
movement.
INFERENCE
In the month of Dec the ROC keep moving in straight line in its prices i.e. there is no that much
fluctuation in the price.
48
FOURTH QUARTER
Date
1-Jan-10
2-Jan-10
4-Jan-10
5-Jan-10
6-Jan-10
7-Jan-10
8-Jan-10
9-Jan-10
11-Jan-10
12-Jan-10
13-Jan-10
14-Jan-10
15-Jan-10
16-Jan-10
18-Jan-10
19-Jan-10
20-Jan-10
21-Jan-10
22-Jan-10
23-Jan-10
25-Jan-10
27-Jan-10
28-Jan-10
29-Jan-10
30-Jan-10
1-Feb-10
2-Feb-10
3-Feb-10
4-Feb-10
5-Feb-10
6-Feb-10
8-Feb-10
9-Feb-10
10-Feb-10
11-Feb-10
12-Feb-10
13-Feb-10
Close(Rs)
3809
3809
3835
3861
3820
3873
3887
3887
3876
3816
3737
3754
3708
3677
3680
3650
3649
3605
3547
3510
3528
3525
3484
3464
3439
3490
3614
3620
3473
3384
3435
3426
3489
3519
3553
3482
3498
MACD
SMA
ROC
RSI
141.1026
127.8547
111.8759
110.0819
111.758
110.8973
105.2954
88.15666
66.47066
48.87086
39.03772
23.88597
8.802568
-15.2292
-28.7728
-25.8253
-26.008
-51.1709
-86.177
-105.624
-126.101
-128.297
-129.804
-126.223
-131.574
-138.991
-145.349
-134.873
-127.055
3850.778
3851.556
3843.556
3834.556
3817.556
3801.667
3780.222
3753.889
3727.444
3697.333
3667.444
3642.222
3617.111
3596.778
3575.333
3551.333
3527.889
3510.222
3511.222
3519.333
3515.222
3499.222
3489.222
3482.778
3485.556
3494.444
3501.444
3486.778
3473.222
0.183775
-1.89026
-2.11213
-3.9627
-3.74346
-4.98322
-6.09725
-6.12297
-6.99174
-7.04927
-6.07439
-6.02025
-4.93528
-5.24884
-5.86957
-5.78082
-4.35736
0.249653
2.058077
-1.05413
-4.08163
-2.55319
-1.66475
0.721709
2.326258
1.805158
-3.65246
-3.37017
34.15233
31.64069
31.55738
28.05687
24.23987
22.16798
25.50397
25.30927
22.75273
21.60621
20.23369
30.00241
46.99832
47.66055
35.84417
30.85618
36.32439
35.78653
42.23447
45.06339
48.16185
42.74073
44.26328
49
15-Feb-10
16-Feb-10
17-Feb-10
18-Feb-10
19-Feb-10
20-Feb-10
22-Feb-10
23-Feb-10
24-Feb-10
25-Feb-10
26-Feb-10
27-Feb-10
1-Mar-10
2-Mar-10
3-Mar-10
4-Mar-10
5-Mar-10
6-Mar-10
8-Mar-10
9-Mar-10
10-Mar-10
11-Mar-10
12-Mar-10
13-Mar-10
15-Mar-10
16-Mar-10
17-Mar-10
18-Mar-10
19-Mar-10
20-Mar-10
22-Mar-10
23-Mar-10
24-Mar-10
25-Mar-10
26-Mar-10
27-Mar-10
29-Mar-10
30-Mar-10
31-Mar-10
3494
3601
3613
3673
3714
3736
3725
3684
3714
3633
3690
3690
3651
3722
3708
3711
3745
3747
3732
3745
3733
3759
3721
3725
3664
3733
3760
3765
3674
3689
3711
3729
3692
3692
3627
3629
3706
3703
3751
-111.903
-92.181
-73.4624
-58.8656
-55.0834
-44.9168
-49.2773
-39.8928
-36.9004
-42.6255
-37.3146
-28.6316
-21.7645
-12.2844
-5.35513
0.772969
8.021216
17.18128
29.22199
28.25422
28.18256
15.1158
3475.556
3499.667
3519.444
3546.889
3571.889
3596
3615.111
3637.556
3661.556
3677
3686.889
3695.444
3693
3693.889
3690.778
3689.222
3696
3699.667
3710.667
3716.778
3721.556
3733.556
3733.444
3735.333
3730.111
3728.778
3730.222
3733.889
3726
3721.111
3715.778
3716.667
3713
3716.111
3704.333
3689.778
3683.222
3686.444
3693.333
50
0.604665
6.41253
5.181951
7.209574
6.448839
6.166525
4.840979
5.801264
6.174957
3.978248
2.471536
2.131193
-0.59897
0.215401
-0.74946
-0.37584
1.655809
0.88853
2.725021
1.490515
1.165312
2.958094
-0.02687
0.458468
-1.2665
-0.32043
0.346944
0.884244
-1.89586
-1.17868
-1.27694
0.214996
-0.88591
0.764192
-2.83954
-3.48404
-1.56707
0.78933
1.680672
43.94866
53.47542
54.41126
58.86646
61.62616
63.05837
61.81607
57.28597
59.61791
51.45049
56.01684
56.01684
52.12638
57.86379
56.42775
56.67587
59.49133
59.65741
57.74521
58.97259
57.31754
59.9408
54.65382
55.10274
47.39675
55.05366
57.6513
58.13385
47.52081
49.16815
51.56936
53.50461
49.15639
49.15639
42.17341
42.44433
51.80614
51.45497
56.53198
4.4 .1 CHART SHOWING MACD AND SMA
INTERPRETATION
In the 4th quarter from 11th Jan 10 to 14 Feb. 10 the MACD shows a decrease and it also crossing
the signal line negatively, then from 16th Feb. 10 MACD shows an increase and it crosses the
signal line but on 10th march it again show a downward movement and it may cross the signal
line.
INFERENCE
In the month of Mar 09 MACD of the crude oil shows a downward movement, and it may cross
the signal line also. Now the MACD shows a sell signal.
.
51
4.4 .2 CHART SHOWING RSI
INTERPRETATION
The chart shows a positive movement in the starting. On 1st Feb RSI shows an increase and it is
now below 30 marks. On 22nd Feb the RSI were moves near the 70 mark limit. From 29th mar
onwards the ROC shows an increase.
INFERENCE
In the month of 29TH mar the RSI showing a increasing trend, so it is a time to sell the securities
to make profit.
52
4.4 .3 CHART SHOWING ROC
INTERPRETATION
The chart shows a increase in the ROC from 12th Jan to 19th Jan. from 26th Jan it shows an
increase. On 9th Feb it shows a decline. On 16th Feb ROC shows high increase and it comes
down on 2nd Mar. On 30th Mar ROC shows an increase in its movements.
INFERENCE
In the month of Mar 10 the ROC shows an upward movement. Now it shows a buy signal of the
securities , because there is a chance of getting profit because of the upward trend.
53
ANALYSIS AND INTERPRETATION-NATURAL GAS

FIRST QUARTER
Date
1-Apr-09
2-Apr-09
3-Apr-09
4-Apr-09
6-Apr-09
7-Apr-09
8-Apr-09
9-Apr-09
11-Apr-09
13-Apr-09
14-Apr-09
15-Apr-09
16-Apr-09
17-Apr-09
18-Apr-09
20-Apr-09
21-Apr-09
22-Apr-09
23-Apr-09
24-Apr-09
25-Apr-09
27-Apr-09
28-Apr-09
29-Apr-09
1-May-09
2-May-09
4-May-09
5-May-09
6-May-09
7-May-09
8-May-09
11-May-09
12-May-09
13-May-09
Close
202.5
206.7
206.5
209.7
203.9
198.5
199
197.7
197.7
197.1
199.7
199.2
196.8
204.5
204.1
197.4
195
192.7
186.2
179.6
178.2
177.6
181.5
181.9
186.7
185.8
192
186.5
199
205.3
216.5
218.8
222.5
227
MACD
SMA
ROC
RSI
6.662821
6.148576
7.322331
7.376158
5.894958
3.378406
0.599018
-3.1569
-7.82599
-11.5431
-14.3899
-16.1469
-17.1451
-16.5621
-16.0185
-13.528
-11.5582
-7.78753
-3.37757
2.092658
7.11984
10.97795
15.40834
17.76653
18.22077
18.20149
202.4667
201.8667
201.0889
200.2778
198.8444
198.9111
199.5333
199.3556
199.0556
198.5
197.2889
195.0556
192.7222
190.5889
188.0333
185.5667
184.3778
183.3556
183.2778
183.3111
185.4667
188.4778
192.8
196.9444
201.4556
205.9333
-2.66667
-3.38655
-3.53511
-6.15165
0.294262
2.821159
-0.80402
-1.36571
-2.52908
-5.53019
-10.0651
-10.5422
-9.7561
-11.2469
-10.877
-5.42047
-4.71795
-0.36326
0.161117
10.80178
15.20763
21.90315
20.55096
22.31996
21.58543
52.29885
43.31747
40.62607
38.17798
32.26133
27.58642
26.7025
26.31336
33.13439
33.81114
41.46694
40.52055
49.13314
43.1624
56.19218
61.0399
67.85096
69.04766
70.92277
73.06034
54
14-May-09
15-May-09
16-May-09
18-May-09
19-May-09
20-May-09
21-May-09
22-May-09
23-May-09
25-May-09
26-May-09
27-May-09
28-May-09
29-May-09
30-May-09
1-Jun-09
2-Jun-09
3-Jun-09
4-Jun-09
5-Jun-09
6-Jun-09
8-Jun-09
9-Jun-09
10-Jun-09
11-Jun-09
12-Jun-09
13-Jun-09
15-Jun-09
16-Jun-09
17-Jun-09
18-Jun-09
19-Jun-09
20-Jun-09
22-Jun-09
23-Jun-09
24-Jun-09
25-Jun-09
26-Jun-09
27-Jun-09
29-Jun-09
30-Jun-09
218.8
212.2
210.8
204.5
195.2
193.4
179.7
172
171.9
170.7
172.6
173.8
188.4
182.3
184.8
192.4
194.8
178.1
180.1
185.7
184.4
177.7
176.3
176.1
187.8
184
185.6
197.3
196.2
203.2
198.9
195.6
205.2
197.8
195.8
190.2
194.8
194.9
198.8
192.4
186
18.4291
17.11935
15.37844
11.91558
8.324846
5.440083
2.898003
0.237422
-1.55691
-0.93359
-2.20781
-2.88581
-2.86333
-2.24841
-4.11252
-6.12899
-6.51535
-6.93355
-7.92805
-9.31545
-10.5453
-10.0918
-9.85738
-8.93689
209.6
211.8444
214.5444
215.1556
214.0333
211.4667
207.1222
201.5111
195.3889
190.0444
185.6444
181.5333
179.7444
178.3111
177.3556
178.7667
181.3
181.9889
183.0333
184.4889
185.6667
184.4778
183.8111
182.8444
182.3333
181.1333
181.9667
183.8778
185.0444
187.1333
189.4889
191.6333
194.8667
195.9778
197.2889
197.8
197.5222
197.3778
196.8889
196.1667
195.1
55
17.76103
10.52083
13.02949
2.763819
-4.91963
-10.6697
-17.8702
-22.6966
-24.2731
-21.9835
-18.6616
-17.5522
-7.87286
-6.60861
-4.44674
7.067334
13.25581
3.606748
5.506737
7.589803
6.098964
-5.67941
-3.29128
-4.70779
-2.39085
-5.54415
4.211117
9.55025
5.654281
10.19523
11.93022
10.94725
16.5247
5.324814
6.413043
2.478448
-1.26711
-0.66259
-2.16535
-3.26797
-4.90798
63.84928
57.55918
56.29234
50.86687
44.10857
42.91996
35.15509
31.68541
31.64173
31.08793
33.08491
34.37833
47.63933
43.66869
45.6674
51.32188
52.98585
42.18105
43.66271
47.70376
46.86339
42.68937
41.85056
41.72443
51.0236
48.32633
49.53597
57.39085
56.50042
60.68112
57.05366
54.36758
60.23302
54.42569
52.94007
48.914
52.13416
52.20469
54.99028
49.85525
45.29974
INTERPRETATION
In the above chart from 11th April to 25th April the MACD shows a downward movement and
also crosses the signal line, then up to 16th may the MACD shows an upward trend, but from 16th
May onwards it shows a negative movement and crosses the signal line
INFERENCE
In the month of June 09 the MACD of the commodity shows a negative movement and it crosses
the signal line, so now it shows a sell signal.
56
INTERPRETATION
The chart shows an increase in the RSI from 18th April, then on 25th April it starts moving up and
on 16th may it crosses the 70 mark limit. Then it came down. On 30th may RSI shows a small
increase. On 27 Jun the RSI shows a negative movement.
INFERENCE
In the month of June09 the RSI shows a decrease, it indicates the signal to sell the commodities
and when the RSI reaches the 30 mark limit it will be a buy signal.
57
INTERPRETATION
The chart shows a high increase of ROC from 27 April 2009.on 11th may the ROC shows a
negative movement. On 25th may the ROC shows an increasing trend and it came down. From
22nd June onwards the ROC shows a negative movement.
INFERENCE
The chart shows a decrease in the price movements from 22nd June 2009.it indicates the sell
signal of the commodity.
58
SECOND QUARTER
Date
1-Jul-09
2-Jul-09
3-Jul-09
4-Jul-09
6-Jul-09
7-Jul-09
8-Jul-09
9-Jul-09
10-Jul-09
11-Jul-09
13-Jul-09
14-Jul-09
15-Jul-09
16-Jul-09
17-Jul-09
18-Jul-09
20-Jul-09
21-Jul-09
22-Jul-09
23-Jul-09
24-Jul-09
25-Jul-09
27-Jul-09
28-Jul-09
29-Jul-09
30-Jul-09
31-Jul-09
1-Aug-09
3-Aug-09
4-Aug-09
5-Aug-09
6-Aug-09
7-Aug-09
8-Aug-09
10-Aug-09
11-Aug-09
12-Aug-09
Close
206.3
202.6
196.8
197.2
191.6
191.6
188.7
186.7
186
185.9
181.1
188.1
182.2
198.1
203.3
200.6
198.1
198.8
205.9
194.7
198.2
198.4
196.8
190.8
184.7
194.4
188.1
188.3
205.1
203.6
208.4
196.9
191.3
191.9
190.3
187.3
184.6
MACD
SMA
ROC
RSI
-2.25513
-3.29758
-1.71263
-0.78411
-0.37249
-0.8201
-0.31929
1.605497
1.494088
2.078663
2.855994
3.51281
3.477405
2.63625
3.816696
4.177825
4.657594
8.253335
11.65851
15.55021
16.85397
17.36712
18.04304
18.85987
19.58747
20.06024
20.12454
20.67777
21.01232
194.1667
191.9
189.5111
188.5444
186.8778
187.6
188.9
190.2222
191.4889
192.9111
195.1333
196.6444
197.7667
199.5667
199.4222
198.0333
196.2667
195.8556
194.6667
192.7111
193.8667
194.4667
195.5778
195.5889
195.6444
196.4444
195.9889
195.9
195.4889
-9.88851
-10.612
-4.42073
-7.60649
3.392484
6.106472
6.306306
6.106052
6.88172
10.75847
7.509663
5.369484
8.891328
-0.65623
-6.14855
-7.92622
-1.86774
-5.38229
-8.54784
5.341551
2.724521
5.040323
0.050813
0.262055
3.898213
-2.10905
-0.42531
-1.96495
47.50
45.30
43.31
44.05
51.06
42.10
45.33
45.52
44.21
39.63
35.60
45.16
40.91
41.10
54.35
53.20
56.38
47.97
44.48
44.95
43.90
41.93
40.18
59
13-Aug-09
14-Aug-09
17-Aug-09
18-Aug-09
19-Aug-09
20-Aug-09
21-Aug-09
22-Aug-09
24-Aug-09
25-Aug-09
26-Aug-09
27-Aug-09
28-Aug-09
29-Aug-09
31-Aug-09
1-Sep-09
2-Sep-09
3-Sep-09
4-Sep-09
5-Sep-09
7-Sep-09
8-Sep-09
9-Sep-09
10-Sep-09
11-Sep-09
12-Sep-09
14-Sep-09
15-Sep-09
16-Sep-09
17-Sep-09
18-Sep-09
19-Sep-09
21-Sep-09
22-Sep-09
23-Sep-09
24-Sep-09
25-Sep-09
26-Sep-09
28-Sep-09
29-Sep-09
30-Sep-09
180.9
180.2
175.8
172.6
172.1
165.3
159.1
157.6
162.7
160.6
160.2
155.1
150.2
148.6
147.5
141.3
136.3
125.3
129.1
135.8
130
136.3
140.4
149.3
146.9
146.1
159.1
167.3
172.1
173.6
179.7
180.3
178.9
169.7
187.4
191.6
186.1
237.7
230.9
237.7
231
21.80763
22.36284
21.49056
20.37421
18.90159
18.25606
16.81406
15.73768
14.14124
11.11506
7.662473
4.132241
-0.026
-4.87276
-10.8459
-15.3405
-17.5425
-21.6574
-24.6306
-26.2714
-30.2312
-33.8621
-37.905
-39.1881
192.8
190.2
186.5778
183.8778
181.7444
178.7889
175.3222
172.0222
169.5889
167.3333
165.1111
162.8111
160.3222
157.7111
155.7333
153.7556
151.3889
147.2333
143.7333
141.0222
138.2333
136.6889
135.7778
135.9778
136.6
137.6889
141.4444
145.6889
149.7222
154.5667
159.3889
163.8222
167.1111
169.6444
174.2333
177.8444
179.9333
187.2222
193.5889
200.0333
205.6667
60
-11.7991
-11.4931
-15.643
-12.3413
-10.0366
-13.8614
-16.3952
-15.8569
-11.8635
-11.2217
-11.0988
-11.7747
-12.978
-13.6549
-10.7683
-11.1879
-13.5152
-22.9871
-19.6139
-15.231
-16.1831
-9.25433
-5.51817
1.220339
3.963199
7.190022
26.97526
29.58947
26.73049
33.53846
31.84153
28.4188
19.82585
15.52076
28.26831
20.4274
11.2373
38.11737
33.00691
32.27602
28.1198
37.85
37.40
34.66
32.78
32.49
28.68
25.73
25.05
31.60
30.42
30.19
27.34
24.91
24.15
23.62
20.84
18.91
15.50
20.81
29.25
26.60
33.62
37.79
45.75
44.11
43.55
53.82
58.90
61.56
62.38
65.60
65.91
64.45
55.75
65.42
67.25
62.58
78.01
73.70
75.17
70.95
INTERPRETATION
In the above chart from 10th July 09 to 26th July 09 the MACD shows a parallel movement and
from 28th July it shows a positive movement and it crosses the signal line. From 25th august 09
the MACD shows a negative movement.
INFERENCE
In the chart in the last few days the MACD shows a negative movement and it crosses the signal
line also. There is a chance of loss if purchased the commodity. So it is not a time for buying the
commodity.
61
INTERPRETATION
The chart shows a decrease in the a17th July. On 31st july the RSI starts increasing. On 7th august
there had negative movement. On 4th Sep the RSI starts increasing. On 25th sp it starts coming
down.
INFERENCE
In the chart on 25th Sep the RSI starts coming down, it is a time to sell the securities because now
the RSI is beyond the 70 mark.
62
INTERPRETATION
The chart shows a increase of ROC on 11th Jul. On 25th July the ROC starts coming down. On 5th
sep the ROC shows a high increase and it comes down on 19th sep now there is a decrease in
the price.
INFERENCE
In the chart on 26 Sep the ROC moves upward, then it shows coming down, so the investors can
sell their securities. Because there is a chance of loss
63
THIRD QUARTER
Date
1-Oct-09
3-Oct-09
5-Oct-09
6-Oct-09
7-Oct-09
8-Oct-09
9-Oct-09
10-Oct-09
12-Oct-09
13-Oct-09
14-Oct-09
15-Oct-09
16-Oct-09
17-Oct-09
19-Oct-09
20-Oct-09
21-Oct-09
22-Oct-09
23-Oct-09
24-Oct-09
26-Oct-09
27-Oct-09
28-Oct-09
29-Oct-09
30-Oct-09
31-Oct-09
2-Nov-09
3-Nov-09
4-Nov-09
5-Nov-09
6-Nov-09
7-Nov-09
9-Nov-09
10-Nov-09
11-Nov-09
12-Nov-09
13-Nov-09
Close(Rs)
271.2
278.4
283.4
275.2
277.1
281.1
276.3
275.1
282
269.1
263.8
265.2
280.8
278.5
280.3
288.1
286.4
275.9
271.6
271.4
262.4
264.7
261.1
255.6
253.2
254.5
246.1
247.2
242.1
240.7
234
233.9
231.5
228.6
229.7
227.3
221.9
MACD
SMA
ROC
RSI
2.425
5.292376
7.438698
10.04691
13.71492
17.20735
18.73666
19.71619
20.89997
20.61091
21.05382
21.43327
21.0054
19.8627
19.41229
18.5983
18.16001
16.99314
15.69667
13.65645
12.04652
9.458727
6.359358
3.805044
2.504028
0.676121
0.489284
1.947012
2.154668
277.7556
277.5222
275.9
273.8778
274.5
274.6556
274.5667
275.8778
277.1333
276.4556
276.7333
277.5778
277.2667
275.4778
273.5444
270.8
266.9222
263.3778
260.0667
257.3556
254.1
251.6889
248.2778
245.2556
242.5778
239.8444
237.0889
235
232.1889
-0.77434
-5.24425
-6.42202
2.034884
0.505233
-0.2846
4.27072
4.107597
-2.16312
0.929023
2.88097
-1.05581
-5.73362
-6.24776
-8.81199
-12.1138
-11.1383
-10.801
-8.9838
-10.7959
-8.26982
-11.598
-10.4175
-9.42879
-9.71564
-9.7446
-7.63917
-10.2346
55.79618
60.06904
58.73643
51.18357
48.43668
48.30682
42.75229
44.50834
42.32014
39.15309
37.82296
39.0312
34.38201
35.46607
32.76348
32.04166
28.77448
28.72739
27.56177
26.17948
27.66145
26.41544
23.81598
64
14-Nov-09
16-Nov-09
17-Nov-09
18-Nov-09
19-Nov-09
20-Nov-09
21-Nov-09
23-Nov-09
24-Nov-09
25-Nov-09
26-Nov-09
27-Nov-09
30-Nov-09
1-Dec-09
2-Dec-09
3-Dec-09
4-Dec-09
5-Dec-09
7-Dec-09
8-Dec-09
9-Dec-09
10-Dec-09
11-Dec-09
12-Dec-09
14-Dec-09
15-Dec-09
16-Dec-09
17-Dec-09
18-Dec-09
19-Dec-09
21-Dec-09
22-Dec-09
23-Dec-09
24-Dec-09
26-Dec-09
28-Dec-09
29-Dec-09
30-Dec-09
31-Dec-09
223
230.7
227.8
217.7
218.8
220.9
223.8
223.9
223.3
236
242.3
243.2
226.1
225.6
210.4
206.6
216.6
215.1
232.5
238.5
234.6
246.2
244.4
241.6
243.6
255.3
257
273.7
269.6
272.3
265.4
266.1
271.6
264
265.1
276.6
276.6
271.8
259.5
0.977708
-1.04558
-2.89636
-3.77891
-5.39426
-6.81148
-5.92342
-4.40288
-3.90441
-6.36397
-9.88454
-15.1131
-20.4965
-23.1799
-25.8569
-25.9712
-24.7244
-24.4379
-23.3497
-22.8544
-22.648
-21.3536
230.0667
228.9556
228.2667
226.4667
225.0556
224.2
223.5444
223.1667
223.3222
224.7667
226.0556
227.7667
228.7
229.4556
228.2889
226.3778
225.5667
224.6556
224.2667
223.8444
222.8889
225.1222
227.2111
230.6778
234.7889
239.0889
243.7444
248.3222
251.7778
255.9667
258.1
260.5111
263.8444
266.1111
267.2
269.3778
269.7
269.9444
268.5222
65
-7.8893
-4.15455
-2.64957
-6.92604
-5.48596
-3.36833
-2.56857
-1.49582
0.630915
5.829596
5.028175
6.760316
3.858521
3.107861
-4.75328
-7.68543
-3.26038
-3.67219
-1.48305
-1.5683
-3.53618
8.889872
8.333333
14.8289
17.909
17.86704
19.47931
17.72043
13.03983
16.06991
7.798538
8.878887
12.41722
8.374384
3.838621
7.626459
1.059554
0.816024
-4.7007
25.42587
35.67315
33.78994
28.20528
29.57055
32.22049
35.81218
35.93824
35.48789
49.82129
55.14528
55.86569
42.0475
41.72254
33.2976
31.58072
40.30392
39.49059
51.67343
55.03532
52.47976
58.63268
57.3909
55.42447
56.56917
62.61709
63.41429
70.14883
66.89323
67.94817
62.46981
62.79751
65.35705
59.28709
59.86805
65.42314
65.42314
61.31469
52.25838
INTERPRETATION
In the chart from 12th Oct to 2th Nov the MACD is above the signal line, after that it shows a
negative movement and it also crosses the signal line. On 7th Dec onwards it shows an upward
movement it continues up to this quarter end.
INFERENCE
In the month of Nov09 the MACD shows a negative movement, But in the end of quarter the
MACD is going for an upward movement, now the MACD shows a buy signal to make profit.
66
INTERPRETATION
The chart shows a decrease in the RSI movements from 19th Oct. On 23rd Nov it starts going up
and came down in the end of Nov. On 7th Dec RSI starts moving up and reaches 70 mark limits.
Then it starts coming down.
INFERENCE
In the chart shows a decrease in the price of commodity in the last month .now it shows a sell
signal of the commodity.
67
INTERPRETATION
The chart shows a decrease on 13th Oct, then it moves up. Then it comes down on 27th Oct. on
17th Nov ROC starts moving upward and then it comes down on 1st Dec. on 8th Dec the ROC
showing a high increase and it decline gradually.
INFERENCE
In the month of Dec a decrease in the price movements and it is now it is very down. So it is
better to buy the securities, because there is a chance of increase in the price.
68
FOURTH QUARTER
Date
1-Jan-10
2-Jan-10
4-Jan-10
5-Jan-10
6-Jan-10
7-Jan-10
8-Jan-10
9-Jan-10
11-Jan-10
12-Jan-10
13-Jan-10
14-Jan-10
15-Jan-10
16-Jan-10
18-Jan-10
19-Jan-10
20-Jan-10
21-Jan-10
22-Jan-10
23-Jan-10
25-Jan-10
27-Jan-10
28-Jan-10
29-Jan-10
30-Jan-10
1-Feb-10
2-Feb-10
3-Feb-10
4-Feb-10
5-Feb-10
6-Feb-10
8-Feb-10
9-Feb-10
10-Feb-10
11-Feb-10
12-Feb-10
13-Feb-10
Close(Rs)
259.6
259.6
268
262.6
270.3
261.9
258
259
246.4
253.7
258.9
250.9
260.1
259.4
255.1
258.6
254.1
256.4
265.9
265.7
261.4
244.2
241.4
239.3
239.9
250.1
252.9
253.3
248
254.8
257.3
255.5
248.2
247.7
246.9
255
253.5
MACD
SMA
ROC
RSI
2.901923
3.302065
3.522666
3.455927
3.479924
2.624881
2.375774
4.166064
5.729213
6.491463
3.933781
1.442335
-1.00187
-2.59204
-2.23344
-0.96577
0.679442
1.315102
3.598707
6.116076
8.113261
8.963898
9.946431
10.77267
13.12859
15.02705
16.64178
17.88304
19.03807
260.6
259.9444
259.8667
257.9667
257.6889
256.4778
255.7222
255.7889
255.2444
256.3556
257.7111
258.4667
259.6333
257.8667
255.8667
254.1111
252.0333
251.5889
251.2
249.8
247.8333
247.1
248.5556
250.1222
251.1111
251.9778
251.6222
251.8556
251.8778
-2.27273
-0.26965
-6.3806
-0.95202
-4.03256
-2.59641
0.232558
-1.89189
4.058442
4.808829
2.626497
4.184934
-6.11303
-6.93909
-6.19365
-7.23125
-1.57418
-1.36505
-4.73862
-6.66165
-2.52487
5.364455
5.840928
3.719181
3.251355
-1.27949
0.830368
0.078958
47.25944
49.57449
46.7341
48.36258
54.54424
54.3966
51.18848
40.81848
39.4185
38.35596
38.86303
46.86484
48.84419
49.13569
45.44088
50.576
52.35161
50.9328
45.54213
45.18934
44.59412
51.55234
50.29272
69
15-Feb-10
16-Feb-10
17-Feb-10
18-Feb-10
19-Feb-10
20-Feb-10
22-Feb-10
23-Feb-10
24-Feb-10
25-Feb-10
26-Feb-10
27-Feb-10
1-Mar-10
2-Mar-10
3-Mar-10
4-Mar-10
5-Mar-10
6-Mar-10
8-Mar-10
9-Mar-10
10-Mar-10
11-Mar-10
12-Mar-10
13-Mar-10
15-Mar-10
16-Mar-10
17-Mar-10
18-Mar-10
19-Mar-10
20-Mar-10
22-Mar-10
23-Mar-10
24-Mar-10
25-Mar-10
26-Mar-10
27-Mar-10
29-Mar-10
30-Mar-10
31-Mar-10
253.7
248.5
247.1
240.4
234.5
235.1
226.9
226
225.8
223.6
220.7
220.9
217
217
219
211.3
208.9
210.5
206.7
206.5
204.8
203.2
202.6
200.6
202.5
198.5
195.6
186.7
188.7
189.2
188
188.9
188.1
180.8
179.2
178.6
179.5
178.9
177.6
19.01209
18.48961
18.29348
17.12165
16.24035
15.6383
15.06246
14.11487
13.74608
13.17057
13.47272
14.06075
13.48487
12.85151
12.62651
12.02712
12.1424
12.24419
12.27444
12.27963
12.14375
12.53481
252.5111
251.8111
250.6778
249
247.4778
246.0778
243.8556
240.6333
237.5556
234.2111
231.1222
228.2111
225.6111
223.6667
221.8778
220.1444
218.2444
216.5444
214.6667
213.0889
211.3
209.7667
208.1667
206.1222
205.1444
203.9889
202.3333
200.1111
198.1333
196.4
194.7111
193.1889
191.8
189.3889
187.2444
185.3556
184.5556
183.4667
182.1778
70
2.298387
-2.47253
-3.96424
-5.90998
-5.51974
-5.0868
-8.10045
-11.3725
-10.927
-11.8644
-11.1871
-10.603
-9.73378
-7.46269
-6.84815
-6.87528
-7.56637
-6.77591
-7.55814
-6.43407
-7.28837
-6.35945
-6.63594
-8.40183
-4.16469
-4.97846
-7.07838
-9.67586
-8.61985
-7.61719
-7.48031
-6.76209
-6.23131
-10.716
-9.72292
-8.69121
-3.85645
-5.19343
-6.13108
50.46651
45.9667
44.8083
39.65753
35.75932
36.44352
31.50498
31.0083
30.89176
29.57493
27.88739
28.1917
25.89674
25.89674
29.31884
24.60729
23.34787
26.06463
23.89822
23.78616
22.80722
21.89393
21.5455
20.38116
24.55251
21.94574
20.26581
16.17384
20.07913
21.06915
20.41551
22.36096
21.84967
17.84089
17.10034
16.81841
18.97626
18.6293
17.86704
INTERPRETATION
This quarter the MACD shows an upward movement up to 21st Jan, then it slightly coming down
and it also crosses the signal line. From 27th Jan onwards the MACD of the security shows a
positive movement.
INFERENCE
In the month of Mar10 the MACD never touches the signal line; it shows parallel movement in
this period. Now the MAND shows a sell signal of the commodity.
71
INTERPRETATION
The chart shows a decrease in the RSI of the commodity on 18th Jan and then it goes up on 8th
Feb and 15th Feb. 22nd Feb the RSI shows a negative movement.
INFERENCE
In the month of Mar09 there is a decrease in the price of commodity from 22 nd Feb .on 29th Mar
also it is coming down. Now the RSI shows a buy signal for the commodity.
72
INTERPRETATION
The chart shows more fluctuation on the price. On 19th Jan ROC starts moving up and it come
down on 26th Jan. Then it again starts to increase on 2nd Feb and on 16th Feb ROC shows a big
fall.
INFERENCE
In the month mar10 the ROC shows a negative movement, now the signal shows it is the time to
buy the commodity
73
4.9 TABLE SHOWING STANDARD DEVIATION CRUDE OIL AND NATURAL

GAS FOR FOUR QUARTERS
Quarter
I st Quarter
II st Quarter
III rd Quarter
IV th Quarter
SD-Crude oil
263.55689
SD-Natural gas
12.63468
149.11235
25.02972
134.45719
22.49836
121.00821
28.58548
4.9.1 CHART SHOWING STANDARD DEVIATION OF CRUDE OIL FOR FOUR

QUARTERS
INTERPRETATION
The Standard Deviation shows the risk and volatility related to the commodity. By comparing
the four quarters, in the first quarter the SD was 263.55. In the second quarter the SD was 149.11
in the third quarter the SD was 134.55. In the fourth quarter the SD was 121.
INFERENCE
The volatility of the Crude oil was very high in the first quarter. In the second quarter the
volatility comes down and continues for the subsequent month. It shows the volatility of the
crude oil price is coming down.
74
4.9.2 CHART SHOWING STANDARD DEVIATION OF NATURAL GAS FOR FOUR

QUARTERS
INTERPRETATION
By comparing the four quarters, in the first quarter the SD was 12.63. In the second quarter the
SD was 35.02. In the third quarter the SD was 22.49. In the fourth quarter the SD was 28.58.
INFERENCE
Risk and return have a inverse relationship. While comparing the first and third quarters the SD
was high in the second and fourth quarters. In the fourth quarter it gave a higher volatility in this
period. Risk on this commodity is increasing.
75
CHAPTER-5
FINDINGS AND INFERENCES
CRUDE OIL
The chart shows an upward trend in the last month i.e. may 09. An upward trend is the
signal to buy the commodity and sell when price rises.
In the June 09 the RSI shows decreasing trend, so once it comes down below 30 the
investors can buy the security in order to make profit.
In the month of June 09 the ROC shows a negative movement.
In the month of Aug 09 the MACD shows a positive movement. An upward movement of
the MACD line and if it crossing the signal line means it is the time to buy the
commodity.
In the month of Sep 09 the RSI shows increasing trend, but now the investor can buy the
commodity with taking a risk of bearing loss.
In the last few days in the month of Sep 09 ROC shows a positive movement, So it is a
better signal to buy the securities in order to get profit from the upward movement of the
price.
In the month of Dec 09 MACD of the commodity show coming down and it crosses the
signal line negatively. So this time the investors should not buy the commodity because it
shows a downward trend.
In the month of Dec 09 onwards the RSI shows an increase, so it was a time to buy the
securities because the RSI was below 30 mark .now RSI is near the 70 mark limit
In the month of Dec the ROC keep moving in straight line in its prices i.e. there is no that
much fluctuation in the price.
In the month of Mar 10 MACD of the crude oil shows a downward movement, and it
may cross the signal line also. This time if the investor buying the commodity means
there is a chance of loss.
In the month of Mar 10 the RSI showing a increasing trend, so it is a time to sell the
securities to make profit. The investors can buy the securities when the RSI comes under
the 30 mark limit.
76
NATURAL GAS
In the month of June 09 the MACD of the commodity shows a negative movement and it
crosses the signal line
In the month of June09 the RSI shows a decrease, it indicates the signal to sell the
commodities.
In the month of June09 there is a decrease in the price movements.
In the month of Sep09 the MACD shows a negative movement and it crosses the signal
line also. There is a chance of loss if purchased the commodity.
In the month of Sep09 the RSI starts coming down, it is a time to sell the securities
because no the RSI is beyond the 70 mark.
In the month of Sep09 the ROC moves upward, then it shows coming down, so the
investors can sell their securities.
In the month of Nov09 the MACD shows a negative movement, But in the end of quarter
the MACD is going for an upward movement.
In the month of Dec09 shows a decrease in the price of commodity.
In the month of Dec a decrease in the price movements and it is now it is very down.
In the month of Mar10 the MACD never touches the signal line; it shows parallel
movement in this period.
In the month of Mar09 there is a decrease in the price of commodity from 22nd Feb .on
29th Mar also it is coming down.
In the month mar10 the ROC shows a negative movement.
77
CHAPTER.6
RECOMMENDATIONS
The investors should invest their money by considering all external factors such as
political factors, economic factors and so on.
By comparing the volatility in the last quarter crude oil is having less volatility, so the
investors can prefer natural gas for investing their money.
The investors who are more risk taking means they can go for high volatile commodity.
The brokers should give proper guidelines to investors in order to avoid loss.
The Forward Marketing Commission should take necessary policies in order reduce the
high speculation on the market.
The investors should watch the fluctuation in the market every day, so they can make
profit from the positive movement.
CHAPTER-7
78
CONCLUSION
In the current scenario supply of these commodities are less than what actually required, so this
depends the price of these commodities. The global market changes in these commodities also
making an effect on these commodities in Indian commodity market. The study was an attempt
to find out the best time to buy the commodities like crude oil and natural gas and to find out the
most volatile energy commodity. In order to make profit from the commodity market the
investors should be aware on these market and they have get proper guidance from the brokers
before investing their money.
79
APPENDIX
CRUDE OIL-FIRST QUARTER
Volume(In Value(In
Date
Expiry Month
Open(Rs) High(Rs) Low(Rs) Close(Rs) Lots)
Lakhs)
1-Apr-09
15-Jul-09
2723
2737
2660
2707
10
27.07
2-Apr-09
15-Jul-09
2730
2885
2730
2861
20
56.42
3-Apr-09
15-Jul-09
2870
2911
2870
2892
4
11.57
4-Apr-09
15-Jul-09
2897
2905
2897
2901
2
5.8
6-Apr-09
15-Jul-09
2930
2933
2829
2875
23
66.84
7-Apr-09
15-Jul-09
2839
2839
2827
2833
5
14.17
8-Apr-09
15-Jul-09
2803
2928
2760
2858
20
56.41
9-Apr-09
15-Jul-09
2885
2924
2860
2897
10
28.97
11-Apr-09
15-Jul-09
2938
2939
2938
2939
2
5.88
13-Apr-09
15-Jul-09
2920
2930
2814
2866
33
94.9
14-Apr-09
15-Jul-09
2875
2890
2824
2853
20
57.26
15-Apr-09
15-Jul-09
2850
2866
2773
2797
71
200.75
16-Apr-09
15-Jul-09
2808
2849
2800
2811
69
194.61
17-Apr-09
15-Jul-09
2807
2850
2803
2828
27
76.24
18-Apr-09
15-Jul-09
2835
2835
2835
2835
1
2.84
20-Apr-09
15-Jul-09
2800
2800
2691
2703
116
317.34
21-Apr-09
15-Jul-09
2700
2700
2610
2683
131
349.24
22-Apr-09
15-Jul-09
2672
2677
2626
2643
119
315.76
23-Apr-09
15-Jul-09
2640
2684
2620
2645
120
317.38
24-Apr-09
15-Jul-09
2621
2738
2621
2722
94
252.51
25-Apr-09
15-Jul-09
2640
2718
2640
2690
3
8.07
27-Apr-09
15-Jul-09
2685
2715
2595
2650
104
275.02
28-Apr-09
15-Jul-09
2640
2662
2616
2643
50
131.93
29-Apr-09
15-Jul-09
2649
2700
2649
2682
103
275.66
1-May-09
15-Jul-09
2700
2789
2700
2783
35
96.34
2-May-09
15-Jul-09
2754
2768
2754
2762
4
11.05
4-May-09
15-Jul-09
2790
2839
2771
2826
138
386.85
5-May-09
15-Jul-09
2840
2851
2812
2829
107
303.58
6-May-09
15-Jul-09
2831
2915
2816
2903
139
398.51
7-May-09
15-Jul-09
2929
2994
2884
2906
154
454.74
8-May-09
15-Jul-09
2946
2998
2910
2974
185
549.29
11-May-09
15-Jul-09
2974
2999
2933
2979
391 1158.75
12-May-09
15-Jul-09
2982
3046
2970
2998
513
1542.3
13-May-09
15-Jul-09
3030
3060
2996
3006
441 1335.71
14-May-09
15-Jul-09
2990
2990
2936
2967
427 1263.99
15-May-09
15-Jul-09
3001
3006
2885
2898
1536 4515.57
80
16-May-09
18-May-09
19-May-09
20-May-09
21-May-09
22-May-09
23-May-09
25-May-09
26-May-09
27-May-09
28-May-09
29-May-09
30-May-09
1-Jun-09
2-Jun-09
3-Jun-09
4-Jun-09
5-Jun-09
6-Jun-09
8-Jun-09
9-Jun-09
10-Jun-09
11-Jun-09
12-Jun-09
13-Jun-09
15-Jun-09
16-Jun-09
17-Jun-09
18-Jun-09
19-Jun-09
20-Jun-09
22-Jun-09
23-Jun-09
24-Jun-09
25-Jun-09
26-Jun-09
27-Jun-09
29-Jun-09
30-Jun-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
15-Jul-09
2861
2882
2906
2932
2966
2948
2933
2949
2941
2997
3057
3130
3170
3186
3250
3264
3184
3315
3290
3270
3315
3360
3420
3477
3470
3458
3400
3418
3417
3470
3388
3377
3291
3330
3339
3431
3357
3340
3459
2884
2915
2953
2983
2975
2965
2938
2957
2993
3079
3140
3182
3177
3250
3279
3278
3325
3361
3295
3325
3359
3438
3499
3483
3477
3472
3508
3457
3490
3507
3405
3398
3348
3384
3436
3458
3363
3460
3503
81
2861
2804
2876
2921
2902
2897
2931
2935
2904
2997
3044
3123
3168
3186
3226
3141
3168
3252
3284
3232
3308
3360
3420
3422
3469
3375
3385
3362
3417
3375
3367
3266
3257
3320
3336
3333
3350
3311
3334
2877
2900
2928
2969
2940
2927
2934
2943
2982
3059
3130
3132
3171
3237
3273
3155
3310
3303
3287
3314
3343
3404
3491
3470
3473
3400
3425
3417
3478
3400
3386
3289
3341
3335
3428
3353
3352
3449
3344
210
5448
6450
5502
5377
4206
105
801
6526
8238
5819
5177
247
4884
5409
7825
9331
8319
332
9673
7613
11412
12169
16312
1260
68511
158630
165079
147118
151335
5231
165928
176378
157833
149086
135185
1817
157751
177174
604.66
15542.65
18801.98
16254.54
15766.42
12353.47
308.04
2358.64
19254.71
25069.09
17979.9
16344.81
783.42
15755.36
17606.47
25189.12
30325.26
27455.95
1092.03
31748.03
25378.14
38867.34
42177.49
56409.41
4374.87
234602.9
548331.8
562716
508861.8
523752.4
17696.19
551883.2
581692.7
528325.6
504365
458172.1
6097.61
535048.3
605648.3
SECOND QUARTER
Contract/Expiry
Volume(In Value(In
Date
Month
Lakhs)
1-Jul-09
19-Oct-09
3638
3638
3638
3638
1
3.64
2-Jul-09
19-Oct-09
3492
3492
3391
3401
16
54.67
3-Jul-09
19-Oct-09
3390
3390
3390
3390
1
3.39
4-Jul-09
19-Oct-09
3384
3384
3384
3384
1
3.38
6-Jul-09
19-Oct-09
3316
3316
3266
3301
11
36.33
7-Jul-09
19-Oct-09
3300
3320
3202
3270
8
26.16
8-Jul-09
19-Oct-09
3165
3301
3151
3200
11
35.2
9-Jul-09
19-Oct-09
3150
3150
3084
3116
3
9.35
10-Jul-09
19-Oct-09
0
0
0
3116
0
0
11-Jul-09
19-Oct-09
0
0
0
3116
0
0
13-Jul-09
19-Oct-09
3090
3170
3065
3105
8
24.84
14-Jul-09
19-Oct-09
3135
3212
3081
3125
8
25
15-Jul-09
19-Oct-09
3134
3221
3051
3148
8
25.19
16-Jul-09
19-Oct-09
3179
3193
3130
3165
139
440.64
17-Jul-09
19-Oct-09
3151
3287
3151
3267
39
125.86
18-Jul-09
19-Oct-09
3275
3275
3275
3275
1
3.28
20-Jul-09
19-Oct-09
3299
3327
3260
3288
76
249.6
21-Jul-09
19-Oct-09
3277
3383
3274
3307
46
152.83
22-Jul-09
19-Oct-09
3304
3335
3242
3313
63
208.02
23-Jul-09
19-Oct-09
3353
3420
3325
3405
122
410.03
24-Jul-09
19-Oct-09
3403
3453
3394
3442
84
287.39
25-Jul-09
19-Oct-09
3447
3456
3445
3450
7
24.15
27-Jul-09
19-Oct-09
3461
3485
3438
3453
58
200.96
28-Jul-09
19-Oct-09
3470
3470
3391
3399
60
205.15
29-Jul-09
19-Oct-09
3392
3392
3260
3271
157
521.52
30-Jul-09
19-Oct-09
3254
3402
3250
3392
88
292.1
31-Jul-09
19-Oct-09
3436
3443
3321
3434
120
408.5
1-Aug-09
19-Oct-09
3470
3478
3470
3472
8
27.78
3-Aug-09
19-Oct-09
3501
3550
3500
3539
111
391.28
4-Aug-09
19-Oct-09
3523
3561
3490
3539
87
306.98
5-Aug-09
19-Oct-09
3570
3581
3510
3563
103
366.52
6-Aug-09
19-Oct-09
3637
3637
3550
3590
72
257.96
7-Aug-09
19-Oct-09
3590
3625
3539
3573
181
647.99
8-Aug-09
19-Oct-09
3541
3551
3541
3547
14
49.65
10-Aug-09
19-Oct-09
3558
3575
3518
3543
120
425.77
11-Aug-09
19-Oct-09
3555
3582
3482
3517
118
416.75
12-Aug-09
19-Oct-09
3507
3574
3497
3550
133
469.7
13-Aug-09
19-Oct-09
3566
3619
3500
3578
276
986.63
82
14-Aug-09
17-Aug-09
18-Aug-09
19-Aug-09
20-Aug-09
21-Aug-09
22-Aug-09
24-Aug-09
25-Aug-09
26-Aug-09
27-Aug-09
28-Aug-09
29-Aug-09
31-Aug-09
1-Sep-09
2-Sep-09
3-Sep-09
4-Sep-09
5-Sep-09
7-Sep-09
8-Sep-09
9-Sep-09
10-Sep-09
11-Sep-09
12-Sep-09
14-Sep-09
15-Sep-09
16-Sep-09
17-Sep-09
18-Sep-09
19-Sep-09
21-Sep-09
22-Sep-09
23-Sep-09
24-Sep-09
25-Sep-09
26-Sep-09
28-Sep-09
29-Sep-09
30-Sep-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
19-Oct-09
3625
3400
3431
3545
3669
3590
3626
3641
3645
3564
3535
3570
3594
3536
3479
3415
3398
3385
3363
3376
3376
3490
3524
3530
3379
3370
3370
3450
3505
3509
3511
3481
3398
3438
3328
3214
3191
3186
3228
3228
3625
3437
3530
3699
3669
3661
3632
3679
3682
3589
3564
3618
3595
3583
3532
3424
3441
3410
3366
3400
3512
3545
3549
3553
3392
3416
3479
3503
3545
3530
3511
3481
3458
3454
3328
3237
3193
3259
3244
3345
83
3439
3387
3402
3490
3590
3576
3626
3615
3521
3514
3480
3545
3588
3443
3415
3347
3367
3337
3361
3349
3372
3467
3476
3372
3376
3349
3370
3426
3489
3474
3492
3362
3390
3311
3186
3146
3181
3180
3183
3181
3456
3428
3518
3655
3616
3627
3631
3656
3548
3536
3547
3600
3591
3472
3434
3372
3379
3378
3364
3360
3493
3520
3512
3388
3389
3388
3459
3495
3515
3521
3495
3381
3445
3335
3202
3182
3185
3238
3210
3337
811
3464
4869
6225
3334
3552
139
4089
4693
5101
4063
4370
119
6972
6815
6498
3584
3356
170
1620
5336
4928
5298
7386
576
6172
9630
10697
11996
20355
996
43011
87387
121713
138344
138863
2419
75912
120402
188484
2843
11802.13
16849.91
22241.82
12090.87
12875.75
504.43
14946.94
17025.38
18092.51
14285.7
15697.99
427.29
24371.57
23628.43
22029.03
12197.52
11327.64
571.84
5476.08
18455.91
17289.45
18622.71
25628.46
1951.33
20867.42
32835.28
37060.1
42187.64
71290.92
3484.27
145943.9
299758.1
411712.5
450461.5
443604
7706.01
244392.2
386840.2
614677.2
THIRD QUARTER
Contract/Expiry
Volume(In Value(In
Date
Month
Lakhs)
1-Oct-09
19-Jan-10
3460
3485
3425
3461
5
17.31
3-Oct-09
19-Jan-10
0
0
0
3461
0
0
5-Oct-09
19-Jan-10
3430
3430
3390
3421
5
17.11
6-Oct-09
19-Jan-10
3448
3450
3424
3438
6
20.63
7-Oct-09
19-Jan-10
3488
3488
3316
3353
20
67.63
8-Oct-09
19-Jan-10
3355
3440
3343
3385
10
33.85
9-Oct-09
19-Jan-10
3410
3456
3391
3425
75
256.09
10-Oct-09
19-Jan-10
0
0
0
3425
0
0
12-Oct-09
19-Jan-10
3455
3548
3455
3509
9
31.58
13-Oct-09
19-Jan-10
3510
3525
3500
3516
21
73.76
14-Oct-09
19-Jan-10
3545
3545
3535
3540
7
24.78
15-Oct-09
19-Jan-10
3548
3634
3548
3571
7
25
16-Oct-09
19-Jan-10
3676
3693
3482
3661
25
91.56
17-Oct-09
19-Jan-10
3715
3727
3715
3723
3
11.17
19-Oct-09
19-Jan-10
3701
3795
3685
3714
11
40.85
20-Oct-09
19-Jan-10
3734
3748
3684
3712
22
81.85
21-Oct-09
19-Jan-10
3709
3846
3675
3829
67
249.99
22-Oct-09
19-Jan-10
3840
3849
3790
3814
36
137.29
23-Oct-09
19-Jan-10
3840
3845
3800
3809
66
251.83
24-Oct-09
19-Jan-10
3804
3804
3789
3794
12
45.55
26-Oct-09
19-Jan-10
3786
3850
3727
3768
204
774.36
27-Oct-09
19-Jan-10
3753
3798
3747
3777
25
94.19
28-Oct-09
19-Jan-10
3795
3800
3727
3740
83
313.28
29-Oct-09
19-Jan-10
3739
3825
3724
3807
75
281.49
30-Oct-09
19-Jan-10
3810
3810
3690
3706
118
443.11
31-Oct-09
19-Jan-10
3698
3703
3696
3699
9
33.29
2-Nov-09
19-Jan-10
3741
3749
3690
3725
57
212.1
3-Nov-09
19-Jan-10
3720
3804
3705
3793
66
247.66
4-Nov-09
19-Jan-10
3798
3850
3793
3826
125
478.39
5-Nov-09
19-Jan-10
3811
3830
3788
3811
28
106.66
6-Nov-09
19-Jan-10
3802
3809
3673
3681
114
424.47
7-Nov-09
19-Jan-10
3700
3705
3700
3703
5
18.52
9-Nov-09
19-Jan-10
3722
3780
3700
3771
63
235.18
10-Nov-09
19-Jan-10
3735
3797
3700
3709
115
429.45
11-Nov-09
19-Jan-10
3734
3763
3720
3741
119
445.39
12-Nov-09
19-Jan-10
3748
3755
3660
3673
107
396.39
13-Nov-09
19-Jan-10
3657
3681
3602
3646
189
688.41
14-Nov-09
19-Jan-10
3655
3655
3627
3628
30
108.95
84
16-Nov-09
17-Nov-09
18-Nov-09
19-Nov-09
20-Nov-09
21-Nov-09
23-Nov-09
24-Nov-09
25-Nov-09
26-Nov-09
27-Nov-09
30-Nov-09
1-Dec-09
2-Dec-09
3-Dec-09
4-Dec-09
5-Dec-09
7-Dec-09
8-Dec-09
9-Dec-09
10-Dec-09
11-Dec-09
12-Dec-09
14-Dec-09
15-Dec-09
16-Dec-09
17-Dec-09
18-Dec-09
19-Dec-09
21-Dec-09
22-Dec-09
23-Dec-09
24-Dec-09
26-Dec-09
28-Dec-09
29-Dec-09
30-Dec-09
31-Dec-09
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
19-Jan-10
3640
3716
3736
3747
3694
3660
3678
3671
3590
3650
3619
3633
3642
3708
3640
3615
3600
3611
3547
3535
3410
3382
3370
3355
3380
3415
3478
3475
3481
3491
3461
3488
3587
3624
3641
3672
3685
3720
3722
3744
3778
3768
3699
3675
3754
3677
3636
3665
3621
3643
3716
3708
3658
3688
3620
3618
3570
3547
3430
3414
3370
3395
3425
3496
3503
3548
3508
3538
3498
3586
3630
3635
3690
3707
3735
3730
85
3630
3696
3711
3675
3633
3659
3677
3581
3568
3618
3484
3575
3642
3611
3586
3593
3600
3554
3506
3402
3362
3353
3360
3345
3363
3403
3442
3462
3481
3452
3425
3488
3566
3624
3641
3656
3673
3692
3703
3736
3723
3689
3652
3671
3686
3601
3630
3629
3605
3613
3711
3633
3626
3612
3618
3588
3533
3417
3371
3377
3363
3383
3408
3484
3462
3504
3504
3469
3492
3578
3614
3633
3681
3684
3725
3727
253
157
346
1404
2733
194
2632
4054
4451
1863
7068
4146
4405
4734
4912
6685
201
5603
7287
11936
9866
8900
726
13939
13570
20446
32349
76290
1838
85413
95538
104659
89880
2431
54095
82116
94291
53779
926.07
583.03
1298.14
5223.18
10004.69
711.36
9773.82
14702.71
16022.52
6783.16
25108.24
14974.05
16230
17336.4
17820.86
24275
726.89
20081.39
25780.03
41670.08
33559.22
30133.09
2441.51
46964.38
46050.74
70605.4
112256.8
267430.8
6428.6
299665.5
330135.8
370694.5
323771.6
8825.04
198410.3
302203.4
348825.2
199747.7
FOURTH QUARTER
Open(Rs High(Rs Low(Rs Close(Rs
Volume(I Value(In
Date
Expiry Month )
)
)
)
PCP(Rs) n Lots)
Lakhs)
1-Jan-10
19-Apr-10
0
0
0
3809
3809
0
0
2-Jan-10
19-Apr-10
0
0
0
3809
3809
0
0
4-Jan-10
19-Apr-10
3835
3835
3835
3835
3809
3
11.51
5-Jan-10
19-Apr-10
3860
3868
3856
3861
3835
3
11.58
6-Jan-10
19-Apr-10
3820
3820
3820
3820
3861
3
11.46
7-Jan-10
19-Apr-10
3892
3892
3865
3873
3820
43
166.53
8-Jan-10
19-Apr-10
3905
3905
3869
3887
3873
2
7.77
9-Jan-10
19-Apr-10
0
0
0
3887
3887
0
0
11-Jan-10
19-Apr-10
3897
3897
3850
3876
3887
7
27.13
12-Jan-10
19-Apr-10
3835
3835
3800
3816
3876
10
38.16
13-Jan-10
19-Apr-10
3750
3764
3702
3737
3816
13
48.59
14-Jan-10
19-Apr-10
3770
3770
3737
3754
3737
2
7.51
15-Jan-10
19-Apr-10
3710
3710
3699
3708
3754
5
18.54
16-Jan-10
19-Apr-10
3677
3677
3677
3677
3708
1
3.68
18-Jan-10
19-Apr-10
3665
3686
3654
3680
3677
28
102.75
19-Jan-10
19-Apr-10
3656
3674
3625
3650
3680
44
160.77
20-Jan-10
19-Apr-10
3673
3676
3641
3649
3650
25
91.49
21-Jan-10
19-Apr-10
3655
3656
3598
3605
3649
97
352.26
22-Jan-10
19-Apr-10
3576
3590
3536
3547
3605
122
435.39
23-Jan-10
19-Apr-10
3520
3520
3502
3510
3547
17
59.66
25-Jan-10
19-Apr-10
3524
3545
3508
3528
3510
76
267.35
27-Jan-10
19-Apr-10
3530
3552
3485
3525
3528
39
137.6
28-Jan-10
19-Apr-10
3500
3518
3477
3484
3525
30
104.95
29-Jan-10
19-Apr-10
3487
3530
3451
3464
3484
65
226.72
30-Jan-10
19-Apr-10
3432
3449
3431
3439
3464
33
113.48
1-Feb-10
19-Apr-10
3441
3504
3441
3490
3439
75
260.53
2-Feb-10
19-Apr-10
3520
3620
3516
3614
3490
97
345.13
3-Feb-10
19-Apr-10
3617
3650
3588
3620
3614
70
253.67
4-Feb-10
19-Apr-10
3600
3612
3457
3473
3620
150
531.61
5-Feb-10
19-Apr-10
3473
3512
3350
3384
3473
181
622.5
6-Feb-10
19-Apr-10
3466
3466
3430
3435
3384
16
54.98
8-Feb-10
19-Apr-10
3425
3443
3398
3426
3435
51
174.25
9-Feb-10
19-Apr-10
3421
3499
3421
3489
3426
88
304.41
10-Feb-10
19-Apr-10
3486
3535
3457
3519
3489
106
369.47
11-Feb-10
19-Apr-10
3537
3567
3485
3553
3519
130
459.79
12-Feb-10
19-Apr-10
3481
3514
3451
3482
3553
120
418.17
13-Feb-10
19-Apr-10
3502
3503
3495
3498
3482
19
66.46
15-Feb-10
19-Apr-10
3503
3507
3489
3494
3498
46
160.99
86
16-Feb-10
17-Feb-10
18-Feb-10
19-Feb-10
20-Feb-10
22-Feb-10
19-Apr-10
19-Apr-10
19-Apr-10
19-Apr-10
19-Apr-10
19-Apr-10
3502
3611
3605
3655
3728
3745
3615
3635
3685
3723
3742
3748
3500
3583
3586
3651
3728
3703
3601
3613
3673
3714
3736
3725
3494
3601
3613
3673
3714
3736
276
332
571
1583
335
2573
23-Feb-10
24-Feb-10
19-Apr-10
19-Apr-10
3723
3690
3729
3730
3652
3653
3684
3714
3725
3684
4472
3346
25-Feb-10
26-Feb-10
27-Feb-10
1-Mar-10
19-Apr-10
19-Apr-10
19-Apr-10
19-Apr-10
3716
3653
3690
3717
3725
3705
3694
3735
3611
3625
3685
3626
3633
3690
3690
3651
3714
3633
3690
3690
4300
3674
180
1817
2-Mar-10
19-Apr-10
3650
3733
3638
3722
3651
4129
3-Mar-10
19-Apr-10
3690
3732
3663
3708
3722
4289
4-Mar-10
19-Apr-10
3715
3739
3686
3711
3708
4863
5-Mar-10
6-Mar-10
8-Mar-10
19-Apr-10
19-Apr-10
19-Apr-10
3704
3745
3755
3767
3750
3769
3702
3744
3712
3745
3747
3732
3711
3745
3747
4857
172
4895
9-Mar-10
19-Apr-10
3736
3755
3690
3745
3732
7300
10-Mar-10
19-Apr-10
3745
3785
3702
3733
3745
13787
11-Mar-10
12-Mar-10
13-Mar-10
19-Apr-10
19-Apr-10
19-Apr-10
3730
3757
3722
3776
3799
3727
3729
3706
3720
3759
3721
3725
3733
3759
3721
6770
9870
610
15-Mar-10
19-Apr-10
3710
3725
3643
3664
3725
13251
16-Mar-10
19-Apr-10
3660
3745
3646
3733
3664
19155
17-Mar-10
19-Apr-10
3747
3773
3731
3760
3733
18152
18-Mar-10
19-Mar-10
19-Apr-10
19-Apr-10
3763
3760
3775
3760
3738
3657
3765
3674
3760
3765
28375
65157
20-Mar-10
19-Apr-10
3679
3690
3679
3689
3674
3726
22-Mar-10
19-Apr-10
3680
3719
3612
3711
3689
136311
87
983.66
1199.94
2070.95
5842.38
1251.42
9594.76
16488.2
2
12337.7
15773.9
2
13461.8
663.94
6705.19
15185.3
5
15860.3
3
18052.8
8
18143.3
3
644.39
18325.7
27188.3
9
51473.9
7
25416.1
1
37075.9
2271.3
48807.1
2
70981.1
2
68137.1
2
106612.
2
241304
13738.8
8
499674.
3
23-Mar-10
24-Mar-10
19-Apr-10
19-Apr-10
3709
3718
3745
3718
3697
3660
3729
3692
3711
3729
128327
122544
25-Mar-10
19-Apr-10
3686
3714
3670
3692
3692
100885
26-Mar-10
27-Mar-10
19-Apr-10
19-Apr-10
3680
3632
3697
3638
3612
3627
3627
3629
3692
3627
140057
2418
29-Mar-10
19-Apr-10
3630
3725
3630
3706
3629
115660
30-Mar-10
19-Apr-10
3703
3734
3693
3703
3706
95205
31-Mar-10
19-Apr-10
3711
3763
3706
3751
3703
108265
88
477376.
6
452188
372595.
7
511235.
8
8776.36
425505.
7
353452.
7
404342.
6
NATURAL GAS-FIRST QUARTER

Volume(In Value(In
Date
Expiry Month
Open(Rs) High(Rs)
Low(Rs)
Close(Rs) Lots)
Lakhs)
1-Apr-09
19-Jun-09
202
203
202
202.5
2
5.06
2-Apr-09
19-Jun-09
204.2
210.1
202.4
206.7
11
28.4
3-Apr-09
19-Jun-09
205.5
207.5
205.5
206.5
2
5.16
4-Apr-09
19-Jun-09
209.7
209.7
209.7
209.7
1
2.62
6-Apr-09
19-Jun-09
203.9
205
203.1
203.9
5
12.75
7-Apr-09
19-Jun-09
199
200.7
197
198.5
4
9.92
8-Apr-09
19-Jun-09
197.3
201.4
196
199
25
61.94
9-Apr-09
19-Jun-09
200.3
202
196
197.7
40
99.05
11-Apr-09
19-Jun-09
0
0
0
197.7
0
0
13-Apr-09
19-Jun-09
196
198.9
194
197.1
19
46.59
14-Apr-09
19-Jun-09
199.5
200.5
197.5
199.7
37
91.93
15-Apr-09
19-Jun-09
200.7
202.7
197.8
199.2
51
127.42
16-Apr-09
19-Jun-09
200.5
201.5
194.1
196.8
33
81.48
17-Apr-09
19-Jun-09
195.2
206.4
194.6
204.5
51
126.99
18-Apr-09
19-Jun-09
203.5
204.4
203.5
204.1
3
7.65
20-Apr-09
19-Jun-09
203.7
203.8
196.7
197.4
146
363.35
21-Apr-09
19-Jun-09
196.6
198.8
193.1
195
729 1785.64
22-Apr-09
19-Jun-09
194.8
195.1
192.1
192.7
460 1112.86
23-Apr-09
19-Jun-09
192
192.7
185.2
186.2
1006 2367.33
24-Apr-09
19-Jun-09
185.7
186.5
179.1
179.6
1117 2550.65
25-Apr-09
19-Jun-09
179
179
177.5
178.2
151
336.13
27-Apr-09
19-Jun-09
178.1
179.7
174.4
177.6
871 1927.39
28-Apr-09
19-Jun-09
178.8
182.9
177.6
181.5
938
2118.3
29-Apr-09
19-Jun-09
182.9
186
181
181.9
1232 2819.72
1-May-09
19-Jun-09
177.7
187.8
177.7
186.7
1196 2743.92
2-May-09
19-Jun-09
185.3
185.9
185.3
185.8
94
218.25
4-May-09
19-Jun-09
186.5
192.5
181
192
1800 4196.94
5-May-09
19-Jun-09
191
191.8
185.4
186.5
1073 2529.13
6-May-09
19-Jun-09
187.3
199.9
186.7
199
1912 4652.39
7-May-09
19-Jun-09
199.7
210.2
196.3
205.3
2931 7425.68
8-May-09
19-Jun-09
207.2
217.4
207.2
216.5
2219 5910.25
11-May-09
19-Jun-09
215.3
222
214.6
218.8
2857 7785.43
12-May-09
19-Jun-09
220.9
227.4
218.2
222.5
3352 9318.47
13-May-09
19-Jun-09
226
232.3
223.5
227
5102 14566.46
14-May-09
19-Jun-09
225.1
225.1
213.4
218.8
6190 16818.24
15-May-09
19-Jun-09
221
221.2
211.5
212.2
2850 7664.89
16-May-09
19-Jun-09
211.1
211.7
210.2
210.8
283
746.51
18-May-09
19-Jun-09
208.8
209.8
202.7
204.5
6317 16265.77
89
19-May-09
20-May-09
21-May-09
22-May-09
23-May-09
25-May-09
26-May-09
27-May-09
28-May-09
29-May-09
30-May-09
1-Jun-09
2-Jun-09
3-Jun-09
4-Jun-09
5-Jun-09
6-Jun-09
8-Jun-09
9-Jun-09
10-Jun-09
11-Jun-09
12-Jun-09
13-Jun-09
15-Jun-09
16-Jun-09
17-Jun-09
18-Jun-09
19-Jun-09
20-Jun-09
22-Jun-09
23-Jun-09
24-Jun-09
25-Jun-09
26-Jun-09
27-Jun-09
29-Jun-09
30-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
19-Jun-09
20-Jul-09
20-Jul-09
20-Jul-09
20-Jul-09
20-Jul-09
20-Jul-09
20-Jul-09
20-Jul-09
20-Jul-09
205.1
194.9
193.9
178.2
172.4
172.1
171.1
173.1
174.5
188.4
183
184
192.4
193.9
179
180.9
184.5
183.6
178
177.7
177.1
188
184.7
185
198
197.5
204.3
197.1
204.7
204.5
198.1
196.3
191
195.7
195.7
197.1
191.9
208.9
195.5
195.8
178.5
172.4
174.4
175
176.8
189
194.6
185
194.1
201.9
195.6
183.4
188.4
184.9
184
182
183.1
191.9
189.6
186.1
201.3
209.1
205.7
209
200.3
205.4
207.9
201.6
198.1
197.8
196.5
199.4
197.9
192.8
90
194
189.1
178.8
171
171.6
170.5
169.2
171.1
171.7
181.1
183
182.2
192.4
177.3
168.9
176.7
184.1
176.2
174.6
175.2
175.5
179.1
184.5
183.6
195.3
195
196.2
194.6
204.5
196.7
193.6
189.1
190.5
190.6
195.7
192
184.7
195.2
193.4
179.7
172
171.9
170.7
172.6
173.8
188.4
182.3
184.8
192.4
194.8
178.1
180.1
185.7
184.4
177.7
176.3
176.1
187.8
184
185.6
197.3
196.2
203.2
198.9
195.6
205.2
197.8
195.8
190.2
194.8
194.9
198.8
192.4
186
11429
19562
32335
22923
851
7345
24137
28204
52412
45747
1484
46543
50379
55773
68650
60023
1463
44211
45474
47950
73904
55137
942
59935
64762
52096
48902
20584
789
51683
55770
50174
69870
44886
5261
45152
52370
28724.2
47178.13
74928.14
49981.51
1829.64
15850.74
51953.3
61369.07
118279.1
108201.3
3418.02
110412.4
124336.9
129567.9
152397.3
137063.4
3374.3
99176.32
101083.7
107330.2
168660.6
127451.9
2179.4
144434.4
163964.9
130619
123735.8
50873.63
2021.98
130203.7
137604.7
120775.2
169233.1
108590.1
13052.16
109764.4
122962.3
SECOND QUARTER
Contract/Expiry
Volume(In Value(In
Date
Month
Lakhs)
1-Jul-09
25-Sep-09
209.5
209.5
204.1
206.3
242
625.07
2-Jul-09
25-Sep-09
204.6
206.1
201.9
202.6
157
400.03
3-Jul-09
25-Sep-09
201
201.9
196.4
196.8
146
364.89
4-Jul-09
25-Sep-09
196.7
197.8
196.7
197.2
38
93.67
6-Jul-09
25-Sep-09
193.5
195.4
188.6
191.6
427 1025.43
7-Jul-09
25-Sep-09
192
193.5
189.5
191.6
205
492.07
8-Jul-09
25-Sep-09
189.3
189.9
186.5
188.7
226
531.82
9-Jul-09
25-Sep-09
188.9
191
185.8
186.7
191
449.18
10-Jul-09
25-Sep-09
187.6
187.9
185.6
186
198
462.46
11-Jul-09
25-Sep-09
185.8
186.2
185.7
185.9
38
88.36
13-Jul-09
25-Sep-09
184.1
184.7
180.5
181.1
766 1749.76
14-Jul-09
25-Sep-09
183.9
189.5
182.6
188.1
692 1613.96
15-Jul-09
25-Sep-09
190.1
193.5
181.1
182.2
3143 7424.47
16-Jul-09
25-Sep-09
182.2
199.4
181.1
198.1
3364 8029.18
17-Jul-09
25-Sep-09
197
204
194.6
203.3
4012 9899.31
18-Jul-09
25-Sep-09
200.7
201.2
200.1
200.6
273
684.55
20-Jul-09
25-Sep-09
198.8
202.6
191.2
198.1
5060 12416.25
21-Jul-09
25-Sep-09
197.5
200.8
195.2
198.8
6796 16762.37
22-Jul-09
25-Sep-09
199.3
207.6
196.8
205.9
7652 19443.93
23-Jul-09
25-Sep-09
205
208.1
193.7
194.7
11457 28902.03
24-Jul-09
25-Sep-09
194
198.9
192
198.2
6419 15691.28
25-Jul-09
25-Sep-09
198.4
198.6
197.9
198.4
177
438.84
27-Jul-09
25-Sep-09
196.6
198.2
193.8
196.8
3499 8574.29
28-Jul-09
25-Sep-09
196.8
198.3
189.5
190.8
6157 14846.41
29-Jul-09
25-Sep-09
192
192.2
183.2
184.7
7010 16434.1
30-Jul-09
25-Sep-09
185.4
195.3
184.4
194.4
8155 19285.68
31-Jul-09
25-Sep-09
194.4
194.4
186.4
188.1
6670 15779.46
1-Aug-09
25-Sep-09
188.8
188.8
188
188.3
494 1163.52
3-Aug-09
25-Sep-09
188.8
205.7
188.1
205.1
13653 34052.05
4-Aug-09
25-Sep-09
202.3
207.6
199
203.6
7511 19072.34
5-Aug-09
25-Sep-09
202.1
209.6
202
208.4
5065 13056.64
6-Aug-09
25-Sep-09
207.9
209.1
194
196.9
10530 26431.19
7-Aug-09
25-Sep-09
196.3
198.5
190.7
191.3
6454 15728.96
8-Aug-09
25-Sep-09
190.3
192.3
190.3
191.9
590 1410.04
10-Aug-09
25-Sep-09
192.9
195
189.6
190.3
6626 15970.32
11-Aug-09
25-Sep-09
191.1
194.8
185.1
187.3
8269 19491.05
12-Aug-09
25-Sep-09
186
188.3
182.5
184.6
9219 21375.96
13-Aug-09
25-Sep-09
185.2
187.5
179.3
180.9
14968 34312.91
91
14-Aug-09
17-Aug-09
18-Aug-09
19-Aug-09
20-Aug-09
21-Aug-09
22-Aug-09
24-Aug-09
25-Aug-09
26-Aug-09
27-Aug-09
28-Aug-09
29-Aug-09
31-Aug-09
1-Sep-09
2-Sep-09
3-Sep-09
4-Sep-09
5-Sep-09
7-Sep-09
8-Sep-09
9-Sep-09
10-Sep-09
11-Sep-09
12-Sep-09
14-Sep-09
15-Sep-09
16-Sep-09
17-Sep-09
18-Sep-09
19-Sep-09
21-Sep-09
22-Sep-09
23-Sep-09
24-Sep-09
25-Sep-09
26-Sep-09
28-Sep-09
29-Sep-09
30-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
25-Sep-09
27-Oct-09
27-Oct-09
27-Oct-09
27-Oct-09
181.9
178.1
176.9
172.2
171
165.9
158
156.4
163.2
161.4
161.2
156.2
149
148.7
146.5
141.8
135.6
124.5
129.6
134.3
130.1
137.3
139
149.1
146.9
145.5
162.4
166.9
174.8
170.7
179.3
179
178.1
171.5
187.1
192.6
236.5
236.9
232.5
237.3
183.1
181.2
178.4
174.8
174.4
165.9
158.8
165.7
165
162.9
161.8
157.7
149.1
150.8
148.5
142.9
135.6
132.4
136.1
136.5
140.5
145.4
152.2
163.9
147.2
163.6
173.4
177.3
182.4
181.4
181
183.3
179.3
189
192.9
193.9
238.2
239.4
239.2
237.3
92
179.3
174.5
172.1
170
162
157.6
157.1
155.6
158.5
158.7
152.7
148.5
148.2
144.4
140.4
135.7
124
118.6
129.6
129.6
130.1
136.5
133.6
142.6
144.8
143.7
162.4
165.6
170.6
167.4
179.3
171.3
168.7
171.5
179.9
182
235.6
229.6
222.1
227.2
180.2
175.8
172.6
172.1
165.3
159.1
157.6
162.7
160.6
160.2
155.1
150.2
148.6
147.5
141.3
136.3
125.3
129.1
135.8
130
136.3
140.4
149.3
146.9
146.1
159.1
167.3
172.1
173.6
179.7
180.3
178.9
169.7
187.4
191.6
186.1
237.7
230.9
237.7
231
10050
15378
13980
20233
53073
52399
2946
57237
43796
30817
56656
54804
2953
42326
58091
55376
70098
76214
4683
36662
88626
75097
85621
93135
2152
103434
128201
78210
108537
75461
2686
65230
66358
83369
56239
41684
1395
31709
78937
64416
22759.52
34053.52
30662.03
43453.33
112065.2
106373.8
5801.96
114413.3
88359.26
61845.26
110550.5
103909.1
5489.47
78047.79
105102.7
96615.32
113354.6
119645.6
7882.59
60936.92
149456.8
133076.8
151292.9
183228.8
3925.71
199880.8
271630.8
167810.6
241040.8
163098.1
6046.75
144363.7
144018.5
188142.2
130584.8
97897.23
4133.54
92595.8
227783.3
186274.6
THIRD QUARTER
Contract/Expiry
Volume(In Value(In
Date
Month
Lakhs)
1-Oct-09
28-Dec-09
281
284.2
270
271.2
415 1431.95
3-Oct-09
28-Dec-09
278
279
277.9
278.4
59
205.31
5-Oct-09
28-Dec-09
278.3
287
275
283.4
264
928.98
6-Oct-09
28-Dec-09
283.9
285.8
273.6
275.2
348
1221.4
7-Oct-09
28-Dec-09
277.3
283.4
276.4
277.1
221
772.65
8-Oct-09
28-Dec-09
279
283
276
281.1
361 1262.09
9-Oct-09
28-Dec-09
281
282
275.3
276.3
169
588.81
10-Oct-09
28-Dec-09
275.7
276
275
275.1
24
82.58
12-Oct-09
28-Dec-09
277
282.4
276.8
282
182
637.55
13-Oct-09
28-Dec-09
282.4
283.9
268.7
269.1
364 1246.18
14-Oct-09
28-Dec-09
270.1
272.6
261.3
263.8
342 1140.69
15-Oct-09
28-Dec-09
264
267.5
259.5
265.2
283
932.74
16-Oct-09
28-Dec-09
266.7
281.1
265
280.8
425 1448.88
17-Oct-09
28-Dec-09
278.8
279
278
278.5
37
128.88
19-Oct-09
28-Dec-09
279.8
281.7
273.2
280.3
229
795.98
20-Oct-09
28-Dec-09
281.1
289
280.3
288.1
337 1201.56
21-Oct-09
28-Dec-09
287.3
290.3
282.2
286.4
471 1690.73
22-Oct-09
28-Dec-09
284.4
286
275.3
275.9
455 1596.32
23-Oct-09
28-Dec-09
277.4
281.2
270.6
271.6
364 1252.67
24-Oct-09
28-Dec-09
271.2
272.4
270.7
271.4
31
105.25
26-Oct-09
28-Dec-09
270.5
270.5
258.9
262.4
858 2835.29
27-Oct-09
28-Dec-09
260.5
266.3
259.6
264.7
760 2497.09
28-Oct-09
28-Dec-09
267
268.7
259.3
261.1
1614 5316.87
29-Oct-09
28-Dec-09
259
259.6
252.7
255.6
2897 9271.83
30-Oct-09
28-Dec-09
256.3
264.6
252
253.2
2607
8408.6
31-Oct-09
28-Dec-09
253.7
254.7
253.5
254.5
71
225.57
2-Nov-09
28-Dec-09
253.2
255.9
244.9
246.1
3020 9416.37
3-Nov-09
28-Dec-09
245.3
249.8
242.1
247.2
2546
7812
4-Nov-09
28-Dec-09
248.4
251.1
241.3
242.1
2029 6223.28
5-Nov-09
28-Dec-09
239.8
245.6
236.9
240.7
2770 8331.85
6-Nov-09
28-Dec-09
240.5
241.6
232.2
234
2618 7725.42
7-Nov-09
28-Dec-09
234.1
234.4
233.1
233.9
93
271.74
9-Nov-09
28-Dec-09
234.9
234.9
226.4
231.5
3583 10330.97
10-Nov-09
28-Dec-09
233
233.5
226.1
228.6
2952 8472.47
11-Nov-09
28-Dec-09
228
231.3
225.5
229.7
3048 8716.46
12-Nov-09
28-Dec-09
229
229.3
223.1
227.3
3388 9579.78
13-Nov-09
28-Dec-09
224.2
226.3
219.1
221.9
4782 13354.1
14-Nov-09
28-Dec-09
223.9
223.9
222.8
223
126
351.43
93
16-Nov-09
17-Nov-09
18-Nov-09
19-Nov-09
20-Nov-09
21-Nov-09
23-Nov-09
24-Nov-09
25-Nov-09
26-Nov-09
27-Nov-09
30-Nov-09
1-Dec-09
2-Dec-09
3-Dec-09
4-Dec-09
5-Dec-09
7-Dec-09
8-Dec-09
9-Dec-09
10-Dec-09
11-Dec-09
12-Dec-09
14-Dec-09
15-Dec-09
16-Dec-09
17-Dec-09
18-Dec-09
19-Dec-09
21-Dec-09
22-Dec-09
23-Dec-09
24-Dec-09
26-Dec-09
28-Dec-09
29-Dec-09
30-Dec-09
31-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
28-Dec-09
25-Jan-10
25-Jan-10
25-Jan-10
223.9
231.9
228.7
216.8
220.9
222
225.9
224
222.1
238
242
241.2
225.1
222.5
211.2
206.5
216.1
216.7
233.5
241.1
233
245
242.6
242.5
245.5
255.5
255.8
273.1
271.6
273.4
267
268.5
272.5
265
269.4
278.9
275.6
270.1
231.8
235.8
229.5
221.9
222.6
224.2
229.8
225
237.2
243
246.5
241.2
226.4
222.9
213.3
217.9
216.1
233.5
241.5
243.7
248.7
251.3
243.7
252.6
256.4
259.8
275.7
277.4
272.7
277.8
269.9
273
278.8
265.3
278.8
281.6
277.8
273.6
94
222
226.8
216.5
214.2
214.8
222
222.8
218.3
221.5
236.3
227.8
225.3
217
209.2
205.7
206.5
214.5
216.7
232.2
232.8
226.4
242.2
241
242.5
245.5
252.3
255.8
268.5
271.5
263.8
259.1
262.1
261.8
264.5
268.4
274.8
269.3
258.1
230.7
227.8
217.7
218.8
220.9
223.8
223.9
223.3
236
242.3
243.2
226.1
225.6
210.4
206.6
216.6
215.1
232.5
238.5
234.6
246.2
244.4
241.6
243.6
255.3
257
273.7
269.6
272.3
265.4
266.1
271.6
264
265.1
276.6
276.6
271.8
259.5
3874
4332
5784
7336
8871
593
19641
35195
58215
16448
61719
50917
53389
45602
41832
36360
1262
56936
47538
40586
61169
37004
1414
49018
44633
40018
47355
33871
794
43619
40240
36641
42276
1132
24901
29171
34724
35624
10998.69
12527.38
16083.01
19947.14
24285.42
1654.23
55553.43
97421
167454.4
49227.88
183177.6
147903.7
147787.3
123749.9
109648.1
96605.83
3390.87
160681
140930
120957.2
182143.4
113837.3
4271.59
152231.1
141346.5
128273.2
157905.3
115690.2
2700.61
147037.9
132924.1
122491.8
143079.3
3749.97
85397
101412.1
118581.7
118012.8
FOURTH QUARTER
Contract/Expiry
Volume(In Value(In
Date
Month
Lakhs)
1-Jan-10
26-Mar-10
259.8
259.9
259.3
259.6
9
29.21
2-Jan-10
26-Mar-10
0
0
0
259.6
0
0
4-Jan-10
26-Mar-10
267
270
265
268
59
197.35
5-Jan-10
26-Mar-10
265.8
268.1
261.2
262.6
40
132.79
6-Jan-10
26-Mar-10
261.1
270.7
261
270.3
155
516.33
7-Jan-10
26-Mar-10
272
273
260.7
261.9
175
587.24
8-Jan-10
26-Mar-10
262.5
265.6
254.9
258
119
386.31
9-Jan-10
26-Mar-10
260
260
258.7
259
22
71.25
11-Jan-10
26-Mar-10
252
255.3
245.1
246.4
288
904.46
12-Jan-10
26-Mar-10
248.3
254.7
245
253.7
183
570.39
13-Jan-10
26-Mar-10
247.7
260
247.7
258.9
111
351.61
14-Jan-10
26-Mar-10
260.2
262
250.1
250.9
143
459.11
15-Jan-10
26-Mar-10
252.6
260.7
252.6
260.1
123
395.85
16-Jan-10
26-Mar-10
259.1
259.7
259.1
259.4
10
32.42
18-Jan-10
26-Mar-10
257.5
257.7
253.7
255.1
77
246.25
19-Jan-10
26-Mar-10
254.9
259.2
250.8
258.6
200
635.64
20-Jan-10
26-Mar-10
257
257.1
252.8
254.1
117
372.33
21-Jan-10
26-Mar-10
253.1
260.5
252
256.4
265
847.16
22-Jan-10
26-Mar-10
259.8
266.7
258.2
265.9
290
952.7
23-Jan-10
26-Mar-10
265.9
266.7
265.2
265.7
51
169.54
25-Jan-10
26-Mar-10
265.9
265.9
259
261.4
525 1722.52
27-Jan-10
26-Mar-10
258
258
242.8
244.2
2299 7128.04
28-Jan-10
26-Mar-10
243
244.6
236.8
241.4
2435 7346.16
29-Jan-10
26-Mar-10
242.4
245.6
238.5
239.3
1266 3832.31
30-Jan-10
26-Mar-10
239.5
240.4
239.5
239.9
80
239.87
1-Feb-10
26-Mar-10
241.9
251.1
241.9
250.1
1523 4708.59
2-Feb-10
26-Mar-10
250.6
255.1
249
252.9
1699 5355.93
3-Feb-10
26-Mar-10
251
255.7
249.1
253.3
1078 3409.46
4-Feb-10
26-Mar-10
251.5
253.4
243.7
248
1446 4492.94
5-Feb-10
26-Mar-10
250.8
260.5
250.8
254.8
2039 6537.13
6-Feb-10
26-Mar-10
257.8
258.7
256.5
257.3
109
350.65
8-Feb-10
26-Mar-10
260
265.4
254.6
255.5
1335 4351.37
9-Feb-10
26-Mar-10
254.3
254.6
245.7
248.2
2281 7110.75
10-Feb-10
26-Mar-10
248.8
250.8
245
247.7
1360 4214.94
11-Feb-10
26-Mar-10
248
251.8
245.7
246.9
1413 4391.19
12-Feb-10
26-Mar-10
246.9
257
243
255
2274 7178.35
13-Feb-10
26-Mar-10
254
254
253.1
253.5
148
469.02
15-Feb-10
26-Mar-10
254
254.1
252.5
253.7
456 1444.11
95
16-Feb-10
17-Feb-10
18-Feb-10
19-Feb-10
20-Feb-10
22-Feb-10
23-Feb-10
24-Feb-10
25-Feb-10
26-Feb-10
27-Feb-10
1-Mar-10
2-Mar-10
3-Mar-10
4-Mar-10
5-Mar-10
6-Mar-10
8-Mar-10
9-Mar-10
10-Mar-10
11-Mar-10
12-Mar-10
13-Mar-10
15-Mar-10
16-Mar-10
17-Mar-10
18-Mar-10
19-Mar-10
20-Mar-10
22-Mar-10
23-Mar-10
24-Mar-10
25-Mar-10
26-Mar-10
27-Mar-10
29-Mar-10
30-Mar-10
31-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
26-Mar-10
27-Apr-10
27-Apr-10
27-Apr-10
27-Apr-10
254.5
246.6
248.7
239.1
234.6
232.1
228.1
225.2
225.9
223.7
221.4
220.2
216.6
217.5
219.4
211
209.2
208.7
206.7
205.6
206
202.7
201.6
200.4
201.1
198.5
194.7
186.2
189
188
187.4
187.7
187.5
181
182.1
178.6
177.3
180.7
256.3
249.4
249.2
240.6
235.8
232.1
229
229
226.5
224.9
221.4
225
218.9
219.6
222.4
211.7
210.7
208.7
210.7
206.2
209.9
203.9
201.6
203.8
202.3
199
195.5
189.4
189.5
190.4
190.1
189.3
187.5
181.3
182.1
182.6
180.8
184.5
96
247.6
243.5
239.7
232.7
232.1
225.7
224.2
223.1
221.1
220.1
220.3
216
214.6
215.2
210.2
208.4
209.1
203.5
206
202.7
202
201.3
200.2
198.3
197.2
195
184.6
184.6
188.7
185
185.4
185.6
179.5
178.6
178.1
176.7
174.8
175.5
248.5
247.1
240.4
234.5
235.1
226.9
226
225.8
223.6
220.7
220.9
217
217
219
211.3
208.9
210.5
206.7
206.5
204.8
203.2
202.6
200.6
202.5
198.5
195.6
186.7
188.7
189.2
188
188.9
188.1
180.8
179.2
178.6
179.5
178.9
177.6
2135
2832
3754
5253
514
8071
12105
16617
24016
18456
690
17167
21285
18441
31527
17872
1046
22217
24031
17581
29491
15239
2322
17831
15571
13095
36451
22604
865
15617
19277
11336
28461
20786
3655
25158
25719
30936
6725.96
8734.22
11469.92
15517.98
1504.65
23061.21
34291.77
47015.01
67285.95
51325.73
1907.15
47369.8
57749.7
50146.55
84706.56
46848.84
2749.22
57104.55
62541.02
44943.99
75831.91
38643.87
5819.14
44797.75
38815.76
32165.35
86302.89
52896.22
2045.36
36663.75
45257.33
26567.45
65029.74
46784.06
8172.34
56547.09
57096.49
69486.02
BIBLIOGRAPHY
Books
Vk.Bhalla 1982, Investment Analysis and Portfolio Management, 14th edition 2008.
Prasanna Chandra 1991, Investment analysis and portfolio mgt, McGraw-Hill publishing
co.ltd, Third edition.
Punithavathy pandian,,2007 Security analysis and portfolio management, Vikas
publishing house limited, reprint 2007,Fourth edition.
C.R. Kotari, Research Methodology- Methods and techniques, published by New Age
International, New Delhi
Websites
97
www.religare.in
www.indiainfoline.com.
www.mcxindia.com
www.ncdexindia.com
www.opec.org
98

A Study On The Variation of Price Level Changes in Energy Commodities With Special Reference To Religare Securities LTD., Kochi

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A Study On The Variation of Price Level Changes in Energy Commodities With Special Reference To Religare Securities LTD., Kochi

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A STUDY ON THE VARIATION OF

PRICE LEVEL CHANGES IN ENERGY

Register No: 088001119004

in partial fulfillment of the award of the degree

RVS COLLEGE OF ENGINEERING AND TECHNOLOGY

RVS COLLEGE OF ENGINEERING AND

This is to certify that the project entitled

of Master of Business Administration during the year 2009-2010

Submitted for the project viva voce examination held on

I certify that the declaration made above by the candidate is true

I wish to express my sincere thanks to Dr. P.V.PRABHA MBA., Ph.D., Director,and

I express my sincere thanks to my project guide Mrs.D.VIJAYALAKSHMI, MBA.,

1.1 ABOUT THE INDUSTRY

1.2 ABOUT THE COMPANY

1.3 ABOUT THE STUDY

1.3.1. OBJECTIVES OF THE STUDY

1.3.2. SCOPE OF THE STUDY

1.3.3. LIMITATIONS OF THE STUDY

ANALYSIS & INTERPRETATION

FINDINGS AND INFERENCES

TABLE SHOWING THE FIGURES MACD,

TABLE SHOWING THE FIGURES MACD,

TABLE SHOWING THE FIGURES MACD,

TABLE SHOWING THE FIGURES MACD,

TABLE SHOWING THE FIGURES MACD,

TABLE SHOWING THE FIGURES MACD,

TABLE SHOWING THE FIGURES MACD,

TABLE SHOWING THE FIGURES MACD,

TABLE SHOWING STANDARD DEVIATION

CHART SHOWING MACD AND SMA

CHART SHOWING RSI

CHART SHOWING ROC

CHART SHOWING MACD AND SMA

CHART SHOWING ROC

CHART SHOWING MACD AND SMA

CHART SHOWING RSI

CHART SHOWING ROC

CHART SHOWING MACD AND SMA

CHART SHOWING ROC

CHART SHOWING MACD AND SMA

CHART SHOWING ROC

CHART SHOWING MACD AND SMA

CHART SHOWING RSI

CHART SHOWING ROC

CHART SHOWING MACD AND SMA

CHART SHOWING ROC

CHART SHOWING MACD AND SMA

CHART SHOWING ROC

CHART SHOWING STANDARD DEVIATION

CHART SHOWING STANDARD DEVIATION

The economic impact of the development of commodity markets is hard to overestimate.

Size of the market

Recent Trends in Commodities

Commodity markets and protectionism

Categories of Crude oil

Crude Oil Units (average gravity)

Market Influencing Factors

OPEC output and supply.

Global demand particularly from emerging nations.

DOE / API imports and stocks.

Refinery fires & funds buying.

The major applications of natural gas are: