By Srinivas Chowdary Sunkara // petrobazaar // 10th June, 2021.
Brent oil futures for August delivery closed flat without any changes at $72.22 a barrel on London based ICE futures Europe exchange. In U.S, WTI oil prices for July delivery slipped 9 cents or 0.13% to settle at $69.96 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices rose 10.2 Yuan to 453.2Yuan/bbl while MCX crude oil front month futures prices changed a little to Rs.5089 a barrel yesterday. Brent premium over WTI widened to $2.26 a barrel during the session.
The world crude oil price index curves moved steadily yesterday after U.S watchdog, EIA reported that gasoline and distillates stocks were piled up by 7Mb and 4.4Mb respectively despite of 5.2Mb drawings in crude stocks during the week ending 6/4/21. This report signaled weakness in demand, Following the U.S Memorial Day weekend, Traditionally the beginning of the peak summer driving season. Oil prices were moved up on estimated demand growth from Western economies while prospectus of Iranian barrels returning faded during previous sessions. Turning to weekly report, U.S production numbers were up by 0.2Mbpd while both imports and exports were ramped up. Crude throughput to refinery was surged with zero change in operating capacity while percent utilisation was inched up. Stocks at Cushing were built up by 0.2Mbpd. Monthly reports are due later today. Today, Asian markets are trading in red but it does not demonstrate any firm trend so far.
Good day to all.
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