crude today 17-08-2022

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 17th Aug, 2022.

Brent oil Sep futures prices went down $2.76 or 2.9 pct to $92.34 a barrel on London based ICE futures Europe exchange while U.S crude grade, WTI oil Aug futures prices fell down $2.88 or 3.22 pct to close at $86.53 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slipped 6.8 Yuan to 661.7 Yuan/bbl where as MCX crude oil front month futures prices traded Rs.443 or 6 pct down to settle at Rs.6936 a barrel yesterday. Brent traded at a premium of $5.81 over WTI during the session.

The world crude oil price index curves continued to demonstrate downside momentum as traders reacted to economic worries across the world. U.S homebuilding fell to nearly one and half year&#39s in July, China&#39s central bank cut lending rates to try to revive demand as the nation&#39s economy slowed unexpectedly in July. The outcome of Iran&#39s deal  with EU is unclear. API numbers are out. It is expected that U.S crude stocks fell by 448,000 barrels where as gasoline and distillates stocks were drawn by 4.5Mbpd and 759,000 barrels respectively during the last week. EIA will confirm numbers later today. Consensus is on draws Today, Asian markets are trading high on signs of demand resilience. 

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

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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