By Srinivas Chowdary Sunkara // petrobazaar // 14th April, 2021.
Brent oil futures for June delivery inched up 39 cents or 0.62 pct to $63.67 a barrel on London based ICE futures Europe exchange. U.S crude oil benchmark, WTI futures prices rose 48 cents or 0.8% to close at $60.18 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices advanced 8.3Yuan to settle at 394Yuan/bbl while MCX crude oil current month futures prices settled Rs.45 higher at Rs.4525 a barrel yesterday. Brent premium over WTI narrowed down to $3.49 a barrel during the session.
The world crude oil price index curves continued to swing up yesterday on strong Chinese import data , Bullish weekly and monthly numbers. Analysts are in the opinion that trading is in range but delay in Johnson & Johnson vaccine capped the margins. Lack of clear demand numbers also limited upside momentum. Turning to weekly numbers, API predicted that U.S crude stock piles fell by 3.6 Mb while gasoline stocks were piled up by 5.6 Mb where as distillates inventories were down by 3 Mb during the last week. EIA will confirm the numbers later today. Consensus is on draws in crude and distillates while gasoline stocks expected to be up.
OPEC has increased its oil demand outlook for 2021 in its monthly report. A price war may be looming the global oil market as rising output from OPEC+ and the Middle East boosts the competitiveness of the region's shipments, Potentially forcing other suppliers to discount their barrels. Today, Asian markets opened in green, continuing positive mood.
Good day to all.
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