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's second most populous country, India, Continued to press oil prices. On the other hand, IEA said that world's 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's 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's gains on virus crisis in India.
Good day to all.
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