:: Market News --- ID :: 19112
crude today // 07-10-2021
Set for further bullish rally?

By Srinivas Chowdary Sunkara // petrobazaar // 7th Oct, 2021.

Brent oil futures prices for Dec settlement went down $1.48 or 1.79 pct to $81.08 a barrel on London based ICE futures Europe exchange. WTI oil Nov futures closed $1.5 or 1.9% lower to close at $77.43 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices reported remained unchanged while MCX front month futures prices closed Rs.71 or 1.2 pct lower at Rs.5822 yesterday. Brent premium over WTI remained steady at $3.65 a barrel during the session.

The world crude oil price index curves turned down yesterday on bearish U.S weekly data after hitting multi-years high levels during the week. The latest surge in oil prices had been underpinned by OPEC+ group decision to stick to existing agreement of increasing supply of  400000 bpd on monthly basis till the half of the year 2022. Turning to weekly data, U.S crude oil stocks were piled up by 2.3Mbpd while gasoline stocks were built up by 3.3Mbpd where as distillates inventories were drawn by 0.4Mbpd during the last week as per EIA data. Increased domestic production by 200Mbpd along with ballooned up imports with a significant down in exports might have contributed to inflated crude stocks numbers. Increase in refinery throughput along with potential increase in percentage utilization pushed gasoline inventories. Today, Asian markets are trading in bearish mood, adding to previous session's loss.

Good day to all.

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