:: Market News --- ID :: 19855
crude today // 01-11-2022
between low stocks and slow economy

By Srinivas Chowdary Sunkara // petrobazaar // 1st Nov, 2022.

Brent oil futures for Jan delivery dipped 94 cents or 0.98 pct to close at $94.83 a barrel on London based ICE futures Europe exchange while WTI oil futures prices for Dec delivery dropped $1.37 or 1.56 pct to close at $86.53 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices fall 4.8 Yuan to 679.8 Yuan/bbl where as MCX crude oil front month futures prices slumped Rs.106 or 1.47 % to Rs.7109 a barrel yesterday. Brent premium over WTI widened to $8.3 a barrel during the session.

The world crude oil price index curves continued to fall for the second session in a row after went up in the last four sessions. Both the benchmarks traded down as the markets are trapped between low inventories and slowing economy. Expected increase in U.S production and Chinese low numbers amid rocketing up covid cases are other fundamental factors that weighed on oil markets. Oil benchmarks notched up their first monthly gains after May. Funds are exhibiting significant week to week volatility as the traders are struggling to anticipate the net affect of economic slow down amid exceptionally low stocks. Hedge funds and money managers purchased equaling of 33 Mb in the six most important petroleum futures and options contracts in the week to Oct 25. Turning weekly numbers, API numbers followed by EIA confirmations are waiting during the week. Asian markets are opened up and trading in green today morning. 

Good day to all.

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