By Srinivas Chowdary Sunkara // petrobazaar // 5th May, 2021.
Brent oil futures prices for July delivery spiked $1.32 or 1.95 pct to settle at $68.88 a barrel on London based ICE futures Europe exchange. In U.S, WTI June oil futures prices surged $1.2 or 1.86% to close at $65.59 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices are at 420.1 Yuan/bbl while MCX crude oil current month futures prices spiraled Rs.52 or 1.09 pct to Rs.4838 a barrel yesterday. Brent premium over WTI widened to $3.19 a barrel during the session.
The world crude oil price index curves continued to hover up on demand optimism from U.S and Europe markets. The positive sentiment from easing lockdowns and movement of vehicles from parts of U.S and Europe outweighed the prevailed lingering worries over India's covid surge. On the technical side, Fund managers and money managers boosted their positions in important petroleum futures during the week ending 27th April as per ICE and CFTC data published. The increase underlined the boosting confidence in rising prices for the rest of the year. Although portfolio managers reversed half of their net sales in late March and early April due to concern over frothy oil prices amid resurgent infection cases. Analysts are in the opinion that the oil prices are trading near two years high due to overbought positions. Turning to weekly numbers, API estimated slump in U.S crude stocks while product stocks are estimated to be drawn last week. EIA will confirm numbers later today. Consensus is on drawings. Asian markets are opened in green today, Continuing previous session's margins.
Good day to all.
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