By Srinivas Chowdary Sunkara // petrobazaar // 16th Sep, 2021.
Brent oil futures prices for Nov delivery advanced $1.86 or 2.53 pct to close at $75.46 a barrel on London based ICE futures Europe exchange. WTI oil Oct futures prices spiked $2.15 or 3.05 % to settle at $72.61 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 3.2 Yuan to 467.3 Yuan/bbl while MCX crude oil front month futures prices climbed Rs.162 to Rs.5346 a barrel yesterday. WTI discount over Brent narrowed down to $2.85 a barrel during the session.
The world crude oil price index curves swung to highest levels since July ending. Reports of More than expected stock drawings in U.S compounded with prevailing bullish sentiment across the market over expected demand growth amid widening vaccine roll outs. Turning to weekly data, Trouncing analysts predictions, EIA reported 7Mbpd , 1.9Mbpd and 1.7 Mbpd drawings in crude , Gasoline and distillates stocks respectively in U.S last week. Decreased U.S crude imports coupled with rising exports, Moderate up in domestic production and refinery throughput all together might have pushed crude stocks down. Refineries operable capacity remained changed nil with a negligible change in percent utilisation, Would have contributed to product numbers slippage. Hurricane Ida halted Gulf of Mexico operations for last two weeks, Cause of concern over supply fears in the market. Asian markets opened in green today, Continuing yesterday's gains. Both the benchmarks are heading to close the week high.
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