:: Market News --- ID :: 19013
crude today // 14-09-2021
supply concerns

By Srinivas Chowdary Sunkara // petrobazaar // 14th Sep, 2021.

Brent oil futures for Nov delivery rose 59 cents or 0.81 pct to $73.51 a barrel on London based ICE futures Europe exchange. WTI oil Oct futures prices traded 73 cents or 1.05% up to $70.45 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices advanced 12.7 Yuan to 460 Yuan/bbl while MCX crude oil front month futures prices closed Rs.54 high at Rs.5179 a barrel yesterday. Brent premium over WTI narrowed down to $3.06 a barrel during the session.

The world crude oil price index curves demonstrated upward momentum as investors are grappled with U.S supply concerns. Last week, Hurricane Ida halted a quarter of Gulf of Mexico production and another storm is set to disrupt operations are the factors that lent support to oil complex. China is expected to draw more oil from SPR is the bearish factor that tempered further gains in oil prices. Turning to numbers, OPEC monthly report was out. As per report, Oil demand growth was unchanged for 2021 but revised down for the last quarter due to virus surge across consuming countries. Turning to Technicals, Hedge fund managers purchased for the second week running with quiet trade around the end of summer holiday period. Money managers built up volumes in six more important petroleum futures and options after Hurricane Ida disrupted oil production in Gulf of Mexico. Portfolio managers remain bullish towards oil, Concentrated in middle distillates. Today, Asian markets are trading in green, Continuing previous session's gains. 

Good day to all.

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