By Srinivas Chowdary Sunkara // petrobazaar // 21st Sep, 2022.
Brent oil futures prices for Nov delivery slipped $1.38 or 1.5 pct to $90.62 a barrel on London based ICE futures Europe exchange while WTI oil futures for Oct delivery slid $1.28 or 1.49% to close at $84.45 a barrel on NYMEX last night. WTI oct contract expired yesterday. In Shanghai, Crude oil main contract futures prices rose 7.4 Yuan to 642.1 Yuan/bbl where as MCX crude oil front month futures prices traded Rs.63 down to close at Rs.6762 a barrel yesterday. Brent premium over WTI narrowed down to $6.17 during the session.
The world crude oil price index curves turned down after upside move in the previous session. Both the benchmarks traded down as rumblings on fall in risk assets spilled over oil markets. Lingering worries over expected raise in interest rates by U.S Fed by 75 basis points on Wednesday to tame inflation bolstered dollar against its peers. Weigh on equities and strong dollar often move in tandem with oil prices. Analysts are in the opinion that oil complex is caught in between downside concerns and upside hopes. Turning to weekly data, API predicted that U.S crude stocks piled up by 1.035Mbpd while gasoline and distillates stocks are expected to increase by 3.225 Mbpd and 1.538Mbpd respectively during the last week. EIA will confirm numbers later today. Consensus is on build up. Today, Asian markets opened in green, Taking back some of the losses yesterday.
Good day to all.
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com
