By Srinivas Chowdary Sunkara // petrobazaar // 2nd Sep, 2021.
Brent oil Nov futures prices fell 4 cents to settle at $71.59 on London based ICE futures Europe exchange. WTI oil futures to be delivered in Oct rose 9 cents to close at $68.59 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices surged 5.7 yuan to 446.5 Yuan/bbl while MCX crude oil front month futures prices plunged Rs.30 to settle at Rs.4993 a barrel yesterday.
The world crude oil price index curves moved flat yesterday as the producers group, OPEC+ meet was straight forward to go ahead with easing production cuts on monthly basis. No surprises and no additional requests from member countries to change base line quotas. Iran reiterated to bring back additional barrels after U.S lifting sanctions. Next OPEC+ review meet is scheduled on Oct 4th. Turning to weekly numbers, EIA reported hefty drawings of 7.3Mbpd and 1.7Mbpd in U.S crude and distillates stocks respectively while gasoline stocks were reportedly piled up by 1.3Mbpd last week. Increased domestic crude production and exports with a slippage in imports would have caused in crude drawings. Tropical Storm Henry shut traffic on the East Coast was a big hit to summer driving season that weighed on U.S gasoline demand. Dip in refinery throughput and utilization with no change in operable capacity was reported due to storm. Today, Asian markets opened in red and it does not demonstrate any firm trend so far.
Good day to all.
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