By Srinivas Chowdary Sunkara // petrobazaar // 6th May, 2021.
Brent oil July futures prices rose 8 cents or 0.12 pct to $68.96 a barrel on London based ICE futures Europe exchange. In U.S, WTI oil futures prices for June delivery dipped 6 cents or 0.09 % to $65.63 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices reported $420.1 while MCX crude oil current month futures prices inched down Rs.6 or 0.12 pct to Rs.4838 a barrel yesterday. Brent premium over WTI widened to $3.33 a barrel during the session.
The world crude oil prices index curves demonstrated downside momentum yesterday despite of bullish weekly numbers. Both the benchmark futures prices were hovering at two months high during last two sessions while oil prices are oscillating between openings here and lockdown there. Turning to weekly numbers, EIA reported that U.S crude stocks were drawn by 8 Mbpd, Trouncing analysts expectation of 2.3Mbpd draws. Gasoline stocks were piled up by 0.7Mbpd while distillates stocks were dipped by 2.9 Mbpd during the last week. U.S crude production numbers unchanged. Tapering Imports, Boost in exports, Increase in crude input into refinery and growing refinery percent utilization altogether contributed to the contracted U.S stocks last week.
Analysts are in the opinion that oil demand growth this decade will rise much faster than consensus currently assumes. On the supply side, KSA reduced price to Asian supplies due to infection connected demand worries. Asian markets opened in green today negating previous session loss.
Good day to all.
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