By Srinivas Chowdary Sunkara // petrobazaar // 10th Sep, 2021.
Brent oil futures for Nov delivery slipped $1.15 or 1.58 pct to $71.45 a barrel on London based ICE futures Europe exchange. WTI oil Oct futures prices traded $1.06 down to $68.14 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 2.9 Yuan to 451.4Yuan//bbl while MCX crude oil current month futures prices closed Rs.94 lower at Rs.5005 yesterday. Brent premium over WTI narrowed down to $3.31 a barrel during the session.
The world crude oil price index curves moved stable with oscillations yesterday. A tremendous auction in the 30 year bond with the lowest interest rate price since January put a significant scare into oil market that pushed traders to safer assets. Following the bearish trend in the early hours of session, Prices went up on reports of ship stuck in the Suez Canal, Later refloated without delay. Trouncing analysts expectations, EIA reported 1.5Mbpd crude stock drawings, Much lower than expected 4.6Mbpd. Gasoline stocks were drawn by 7.2Mbpd, Much bigger than predicted 3.4Mbpd, Propped up oil prices. Distillates inventories were reportedly down by 3.1Mbpd during the last week. A massive decrease in U.S domestic crude supply and a significant contracted through put into refineries during the last week dented crude and product stocks in U.S. Shanghai tapping their crude oil reserves news negated earlier session gains and pressed oil prices to close lower yesterday. Today, Asian markets are opened in positive mood, Clawing back some of the previous session losses. It does not demonstrate any firm trend so far. Both the benchmarks are set to close the week in losses.
Good day to all.
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