:: Market News --- ID :: 19640
crude today // 10-06-2022
Product shortage drive

By Srinivas Chowdary Sunkara // petrobazaar // 10th June, 2022.

Brent futures prices for August delivery slipped 51 cents or 0.41 pct to close at $123.07 a barrel on London based ICE futures Europe exchange while WTI oil July futures prices slid 70 cents or 0.57% to settle at $121.41 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices rose 12.1 Yuan to 770.1 Yuan/bbl where as MCX front month futures prices went down Rs.43 or 0.45 pct to Rs.9481 a barrel yesterday. WTI traded at a discount of $1.66 over Brent during the session.

The world crude oil price index curves continued to hover at three months high after both the benchmark prices have fallen yesterday on demand worries. China imposing lock down in some parts of Shanghai pressed oil complex. Turning to weekly data, U.S crude oil stocks piled up by 2 Mbpd, Gasoline stocks were drawn while distillates stocks were build up last week. Domestic production in U.S ramped up. Products exports were down that indicated low refinery throughput that limited crude demand. Analysts are in the opinion that even though prices are high, There was no sizeable drop in demand that may happen any time from now. Today, Asian markets opened in red and trading down at the time of reporting. Rig numbers are due later today. Both the benchmarks futures are moving towards another weekly gains. Good day to all.

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