By Srinivas Chowdary Sunkara // petrobazaar // 19th August, 2021.
Brent oil futures prices for Oct delivery slid 80 cents or 1.16 pct to $68.23 a barrel on London based ICE futures Europe exchange. WTI oil Sep futures prices plunged $1.13 or 1.7% to close at $65.46 a barrel on NYMEX. In Shanghai, Crude oil main contract futures prices rebounded 2.6Yuan to 422.5Yuan/bbl while MCX crude oil front month futures prices tumbled Rs.75 to Rs.4877 a barrel yesterday. Brent premium over WTI widened during the session.
The world crude oil price index curves continued to demonstrate downward slope yesterday after log in four continues days of losses. Both the benchmark prices continued to fall on escalation of prevailing demand fears amid surging virus cases in U.S and other countries. Strengthening greenback added to the fuel. More than expected U.S stock draws helped crude basket to keep floor for oil prices. Putting some light on weekly numbers, EIA reported that U.S crude oil and distillates stocks were drawn by 3.2Mb and 2.7Mb respectively while gasoline stocks were piled up by 0.7Mbpd during the last week. U.S production numbers were up. Dip in crude imports and up in crude exports might have caused drawings in crude stocks. With decreased crude throughput into refinery, Unchanged operable capacity with moderate increase in refinery utilisation, piling up gasoline stocks demonstrated weak demand outlook. U.S major storage Hub, Cushing stocks were also down. Asian markets are opened in red, Continuing bearish sentiment. Oil prices may be rangebound at these levels. 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
