By Srinivas Chowdary Sunkara // petrobazaar // 3rd Feb, 2022.
Brent oil futures prices for April delivery inched up 31 cents or 0.35 pct to close at $89.47 a barrel on London based ICE futures Europe exchange. In U.S., WTI oil futures to be delivered in March edged 6 cents up or 0.07% to settle at $88.26 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices are not published while MCX crude oil front month futures prices slipped Rs.42 or 0.63 pct at Rs.6582 a barrel yesterday. Brent premium over WTI widened to $1.21 a barrel during the session.
The world crude oil price index curves moved a little up yesterday, Maintaining upside momentum after OPEC+ group confirmed steady hand on policy wheel during the times of volatility. Both benchmarks traded at nearer to multi year's high levels amid the talk of supply shortages and escalating geo-political tensions. Turning to weekly data, EIA reported draws in U.S crude stocks by 2.9Mbpd where as gasoline stocks were piled up by 2.1Mbpd while distillates stocks were down by 2.4Mbpd during the last week. U.S crude production numbers down by 100Kbpd. Imports were ramped up with a slippage in exports. Crude through put into refinery was decreased with operable capacity remained unchanged and a slid in percent utilisation. On the supply side, Market needs Iranian barrels to balance the market as per analysts. OPEC+ decided to maintain existing policy of adding 400000 bpd despite of pressures from major consuming countries. The group attributes the reasons for rising prices to consuming nations for failing adequate investment in fossil fuels as they shift to greener energy. Today, Asian markets took a breath from ongoing price rally since the traders prefer to take profits. U.S rig numbers data is awaited on Friday.
Good day to all.
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