crude today 13-06-2019

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 13th June, 2019.

Brent oil prices fell $2.32 to $59.97 and WTI prices slipped $2.13 to $51.14 last night. Shanghai crude oil main contract futures dropped by 7.3 Yuan to 423 Yuan/barrel while MCX crude futures settled Rs.124 down to Rs.3596 yesterday. 

Yesterday, Both the global crude markers tumbled around 4% on surprise bearish weekly numbers from EIA and bleaker demand outlook. Trump threatening China with further tariffs after G-20 meeting continued to press stocks. Oil futures extended their losses as the day wore on and ended the session with their lowest settlements in nearly five months as the hedge managers are liquidating their long positions in a fast pace. 

Turning to weekly data, The U.S government numbers showed that the commercial crude oil and gasoline inventories rose by 2.2Mb and 0.8 Mb respectively while distillates were drawn by 1 Mb during the last week. Mounting surplus stocks in U.S for last couple of weeks,  Indicating the lower demand from refineries, concerning the market. Asian markets are opened in green today. Bearish bells are ringing around the market as the fundamental uncertainty on the current state of global economy is very high. Have a good day.

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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