By Srinivas Chowdary Sunkara // petrobazaar // 02-03-2023.
Brent oil May futures traded 86 cents or 1% up to close at $84.31 a barrel on London based ICE futures Europe exchange while WTI oil futures for April delivery rose 64 cents or 0.8 pct to $77.69 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices surged 9.4 yuan to 557.6 Yuan/bbl where as MCX crude oil front month futures slipped Rs.32 a barrel during the session. WTI traded at a discount of $6.68 to Brent during the session.
The world crude oil price index curves continued to move up yesterday amid over supply news. Both the benchmarks traded up as growing U.S inventories offset growing hopes of demand rebound from increase in China manufacturing activity. Turning to weekly data, EIA confirmed that U.S crude stock inventories piled up by 1.2Mbpd while gasoline stocks dipped by 0.9Mbpd where as distillates stocks are dropped by 0.2Mbpd respectively during the last week. Exports numbers were supported by widening WTI discount to brent. Production numbers remained unchanged. On the supply side, Russia seems to be not willing to sell Ural at lower prices as it proposed to more cuts in the coming days. Today, Asian markets opened in green and trading in bullish mood at the time of reporting.
Good day to all.
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