By Srinivas Chowdary Sunkara // petrobazaar // 9th Sep, 2021.
Brent oil futures for Nov delivery advanced 91 cents or 1.27 pct to settle at $72.6 a barrel on London based ICE futures Europe exchange. WTI oil Oct futures prices climbed 85 cents or 1.24% to close at $69.2 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slipped 3.1 Yuan or 0.68 pct to 448.5Yuan/bbl while MCX crude oil current month futures prices traded Rs.83 higher at Rs.5099 a barrel yesterday. Brent premium over WTI remained stable at $3.4 during the session.
The world crude oil price index curves moved up on slow progress in restoring operations in Gulf of Mexico after Ida swept through the region with powerful winds and drenching rain that pushed 80% production offline 9 days back. Markets eye on weekly numbers since the recovery in refinery operations seems to be quicker compared to crude output. API reportedly predicted that U.S crude oil supplies were down while gasoline and distillates stocks were drawn during the last week. EIA will confirm the numbers later today while consensus is on drawings. High middle distillates WAF and Urals have seen differentials increase due to extra European demand while lighter crude oil from North Sea and MED are seeing their differentials fall. Increased diesel demand in the winter season might be the driving factor for refineries to looking at. Asian markets are opened in green today. It does not demonstrate any firm trend so far. Weekly data and monthly data may spur some volatility during the week.
Good day to all.
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