By Srinivas Chowdary Sunkara // petrobazaar // 1st March, 2022.
Brent oil futures prices for April delivery jumped $3.06 or 3.12 pct to close at $100.99 a barrel on London based ICE futures Europe exchange while WTI oil April futures prices rose $4.13 or 4.51 % to settle at $95.72 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 8.9Yuan to 621.2Yuan/bbl whereas, In India, MCX crude oil current month futures prices spiked Rs.470 or around 7 pct to close at Rs.7318 a barrel yesterday. Brent traded at a premium of $5.27 over WTI during the session.
The world crude oil price index curves continued to demonstrate upside momentum yesterday as the oil complex came under pressure after wall street journal reported that U.S is considering to release 70Mb oil from its emergency reserves. Markets were nervous on West tightening measures over Moscow amid escalation of Ukraine war tensions. Blocking some of the Russian banks from a global payments system could tighten oil supplies even further since Russia is catering 10% of global oil consumption. Talks between Russia and Ukraine failed in principle and decided to meet again yesterday. OPEC+ meeting is scheduled on Wednesday and the group, Including Russia is expected to stick to existing plan of releasing 4,00,000 bpd of supply in April. API numbers are due later today. On the technical side, Hedge funds and other money managers sold equivalent of 14Mb in the six most important petroleum related futures and options contracts in the week to Feb.22. Portfolio managers have been net sellers in four of the five most recent weeks, reducing their combined position. Today, Asian markets are trading in green zone, Adding gains.
Good day to all.
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