Crude price Brent April futures slipped 76 cents to $85.49 a barrel on London Based ICE Futures Europe exchange while wti oil Futures for April delivery 65 cents to $80.96 a barrel on NYMEX during Asian hours. Both the benchmarks closed down yesterday. Brent premium narrowed down to $4.63 over wti during the session.
crude benchmark futures price curves tilted during yesterday’s session. Bearish U.S Weekly stock numbers negated all the hike in the beginning of the week. On the supply side, OPEC+ is scheduled to meet on April 3rd and no change in production cuts policy is expected. Turning to weekly stock report, API reported that crude stocks build up by 9.3mbpd. Distillates stocks rose by 531,000 barrels while gasoline stocks fell by 4.4mbpd as per report. EIA numbers awaited later today. Consensus is on build. crude markets are set close with weekly gains and monthly gains. Brent may contact set to expire on Thursday while most active June contract is on rise. Profit booking is expected at the weekend.
what is API or American Petroleum Institute?
American petroleum institute is a largest trade association in U.S for oil and natural gas industry. Nearly 600 corporations are in production, refining and distribution etc.
