crude today 11-08-2021

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 11th August, 2021.

Brent oil futures prices for Oct delivery rose 1.59 or 2.3 pct to close at $70.63 a barrel on London based ICE futures Europe exchange. WTI oil Sep futures prices climbed $1.81 or 2.72% to settle at $68.29 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 7.9 Yuan to 426.5 Yuan/bbl while MCX front month crude oil futures prices settled Rs.168 higher at Rs.5109 a barrel yesterday. Brent premium over WTI slightly narrowed down to $2.34 a barrel during the session.

The world crude oil price index curves turned up yesterday on positive sentiment buoyed by API numbers and EIA monthly numbers published yesterday. Estimation of rising U.S product demand despite of expected rapid spread of Delta virus as per EIA monthly bulletin and drawings in U.S crude and gasoline stocks by 0.816Mb and 1.114Mb respectively while distillates built up by 0.673Mb last week as estimated by API. Analysts says that prediction of short term price swings became extremely difficult given the arduous process of predicting the impact of fast spreading Delta variant on forward global oil demand particulars in China. EIA will confirm API numbers later today. Today, Asian markets are trading in red, Clawing back yesterday&#39s gains. It seems bulls momentum is temporary amid volatile trade. 

Good day to all.

Disclaimer: Views and opinions expressed here are personal. This commentary is  for  information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com
 

Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

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