crude today 17-11-2021

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 17th Nov, 2021.

Brent oil futures prices for Jan settlement inched up 38 cents or 0.46 pct to settle at $82.43 a barrel on London based ICE futures Europe exchange. WTI oil Dec futures prices edged down 12 cents or 0.15 pct to close at $80.76 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices rose 11.6Yuan/bbl to 516.1Yuan/bbl while MCX crude oil front month futures prices went up Rs.58 to Rs.6034 a barrel yesterday. Brent traded at a premium of $1.67 over WTI during yesterday&#39s trading. 

The world crude oil price index curves continued to turn down yesterday as the prospects of tight global supplies offset expected return of barrels from OPEC group and prevailing concerns over rising infections in Europe. Turning to weekly reports, API estimated that U.S crude stocks will be up by 0.655Mbpd while gasoline and distillates stocks are drawn by 2.792Mbpd and 0.107Mbpd respectively during the last week. EIA will confirm the numbers later today and consensus is on crude build. Putting some light on monthly reports, IEA said that higher oil prices could provide strong incentive to increase production that will halt price rally. OPEC report said that oil surplus is expected  as early as December and  market will remain oversupplied next year. OPEC further said that demand recovery halted as the higher oil prices hampered economic recovery from pandemic. Analysts are in the opinion that oil markets are still bullish due to strong physicals but lack of shorts temporarily halted rally. Today, Asian markets opened in red and trading bearish mood. Expected bearish weekly numbers will continue to weigh on oil prices. 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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