By Srinivas Chowdary Sunkara // petrobazaar // 6th April, 2023.
Brent oil futures prices for June delivery edged up 5 cents or 0.06 pct to close at $84.99 a barrel on London based ICE futures Europe exchange while WTI oil May futures inched down 10 cents or 0.12 pct to settle at $80.61 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices unchanged whereas MCX crude oil front month futures prices slipped Rs.19 or 0.29 pct to close at Rs.6611 a barrel yesterday. Brent premium over WTI widened to $4.38 a barrel during the session.
The world crude oil price index curves are straight-lined after both the benchmark prices largely unchanged during cautious trade. Markets weighed on weakening demand , U.S stocks draws and supply cuts after a 6% jump on Monday followed by surprise cuts by producers group. EIA reported that U.S crude inventories fell 3.7Mbpd while gasoline and distillates stocks are drawn by 4.1Mbpd and 3.6Mbpd respectively, more than expected. U.S domestic production numbers remained unchanged with increased imports and exports. Refinery throughput slipped along with utilisation. Weak U.S job data and colling economic conditions are the prevailing bearish factors. Today Asian markets opened in bearish mood. Traders may leave market with short recovery.
Good day to all.
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