By Srinivas Chowdary Sunkara // petrobazaar // 1st April. 2021.
Brent oil futures for June delivery fell 60 cents or 0.94 pct to $63.54 a barrel on London based ICE futures Europe exchange. WTI oil futures to be delivered in May closed down $1.39 or 2.3% to $59.16 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices inched up 1.1 Yuan to 399.7 Yuan/bbl while MCX crude oil current month futures prices settled Rs.81 lower at Rs.4379 a barrel yesterday. Brent premium over WTI widened to $4.38 a barrel during the session.
The world crude oil price index curves continued to move down yesterday after OPEC+ lowered their 2021 demand growth forecast. Strong Chinese factory activities lent some support to oil complex. On the weekly data side, EIA reported surprise draws in U.S crude stocks, trouncing the analysts expectations. The U.S energy dog reported 0.9Mb and 1.7 Mb draws in U.S crude and gasoline stock piles while distillates were reported to be built up by 2.5Mb during the last week. Production numbers were inched up to 11.1Mb. Imports were reduced moderately while exports were ballooned up. Crude through put was pushed up with no change in Operable capacity and with a little change in refinery percentage utilization. On the supply side, The JMMC recommended the extension of the compensation cuts until the end of Sep 2nd 2021 as per the sources. The next JMMC meet is scheduled on 27th April. Today, Asian markets are trading in green zone on expectation of roll over news from OPEC+ meeting.
Good day to all.
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