By Srinivas Chowdary Sunkara // petrobazaar // 15th Sep, 2022.
Brent oil Nov futures prices rose 93 cents or 1% to settle at $94.1 a barrel on London based ICE futures Europe exchange while WTI oil Oct futures prices surged $1.17 or 1.34% to close at $88.48 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slipped 2.8 yuan to 646.5 Yuan/bbl where as MCX crude oil front month futures prices spiked Rs.165 a barrel to Rs.7109 a barrel yesterday. Brent premium over WTI narrowed down to $5.62 a barrel during the session.
The world crude oil price index curves turned up after a close down in the previous session. Both the benchmarks traded up yesterday drawing some of the losses in the early session after IEA reported that the world oil demand will go up on widespread switching from gas to oil for heating purposes across. Although the Agency said that oil demand outlook remain gloomy in the fourth quarter on expected slow down in economic activity and renewed lockdowns in China that will keep oil prices under pressure. Turning to weekly data, EIA reported that U.S crude stocks piled up by 2.4Mbpd while gasoline stocks slipped by 1.8Mbpd where as distillates stocks climbed by 4.2Mbpd. Releasing stocks from SPR might have ballooned up crude stocks in U.S. Asian markets are trading mix today at the time of reporting. OPEC numbers are due. 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
