By Srinivas Chowdary Sunkara // petrobazaar // 13th April, 2021.
Brent oil futures prices to be delivered in June rose 33 cents or 0.52 pct to close at $63.28 a barrel on London based ICE futures Europe exchange. U.S crude benchmark, WTI oil May futures prices inched up 38 cents or 0.64% to settle at $59.7 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices edged down 0.9 Yuan or 0.23 pct to 385.7 Yuan/bbl while MCX crude oil current month futures prices settle Rs.49 higher at Rs.4480 a barrel yesterday. Brent premium over WTI moderately narrowed down to $3.58 a barrel during the session.
The world crude oil price index curves turned up yesterday, On optimism over the pace of corona virus vaccinations in the U.S. Geo-political tensions in the middle east also lent some support to crude complex. Analysts are in the opinion that there are plenty of reasons for the market to be bullish, However traders became cautious amid resurgence in virus cases in Europe, India and some more markets.
On Technical front, Mr.Kemp reported that Hedge funds cut their positions in petroleum for the second time in three weeks in response to resurgence of infections. Money managers sold the equivalent of 35 Mb in the six most important petroleum futures and options contracts in the week to April 6th. As per the ICE Futures Europe and the U.S commodity Futures Trading commission, The combined position has been cut to 799 Mb from a peak of 913 Mb on continued weakness in jet fuel consumption, May delay in refinery throughput. OPEC+ decision to ease production cuts and U.S shale to push production up in the second and third quarters curbed bullish sentiment as per Kemp. Today, Asian markets opened in green, Continuing yesterday's gains. API numbers are due later today.
Good day to all.
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