crude today 13-05-2021

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 13th May, 2021.

Brent oil futures prices for July delivery rose 77 cents or 1.12 pct to close at $69.32 a barrel on London based ICE futures Europe exchange. In U.S, WTI oil June futures prices inched up 80 cents or 1.23 % to settle at $66.08 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices traded 8.1Yuan up at 428.9Yuan/bbl while MCX crude oil current month futures prices settled Rs.89 higher at Rs.4884 a barrel yesterday. Brent premium over WTI  narrowed down to $3.24 a barrel during the session.

The world crude oil price index curves moved up on softening in world oil demand as reported by IEA, OPEC and EIA. Lingering worries over rising virus cases in world&#39s second most populous country, India, Continued to press oil prices. On the other hand, IEA said that world&#39s oil demand is already outstripping supply and short fall is expected to grow further even if Iran barrels enters into market. OPEC said that strong demand is coming back with China&#39s growth numbers and U.S cancelling out the impact of virus crisis in India. 

Turning to weekly data, U.S crude and distillates stocks were dipped by 1.8Mbpd and 1.7Mbpd respectively while  Gasoline stocks stocks piled up by 400000 barrels during the last week. Crude production ramped up while crude imports were ballooned up with exports plummeted. Crude inputs into refineries were dipped while operating capacity and percentage utilisation dropped during the week. Colonial pipeline is going to restart at 5 P.M. today. Asian markets opened down, Pulling back yesterday&#39s gains on virus crisis in India. 

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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