By Srinivas Chowdary Sunkara // petrobazaar // 22nd April, 2021.
Brent oil futures for June delivery settled $1.25 or 1.88 pct to $65.32 a barrel on London based ICE Futures Europe exchange. WTI oil June futures closed $1.32 or 2.11 pct lower to $61.35 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went down 11.8 Yuan or 2.84% to 402.5 Yuan/bbl while MCX crude oil current month futures prices slipped Rs.89 or 1.88 pct to Rs.4640 a barrel yesterday. Brent premium over WTI widened to $3.97 a barrel during the session.
The world crude oil price index curves continued to falling down on bearish weekly numbers coupled with lingering demand worries over surging virus cases in the world's third largest oil consumer, India. Though Oil prices were supported by Libya's news of force majeure on exports, Traders were forced to ignore the partial bullish sentiment.
Turning to weekly numbers, EIA reported that U.S crude stocks rose by 590000 barrels in the week to April, 16th, Compared with analysts expectation of 3Mbpd drop. Gasoline inventories piled up while distillates were reported declined. Production numbers remained unchanged from earlier week while imports and exports were down. Crude throughput into refineries remained static while refinery percent utilisation and operable capacity unchanged.
On the supply side, OPEC+ key meeting is scheduled next week, No major policy changes are expected during the meeting. On the whole, Traders are worried over increasing virus cases, may force nation wide lockdown in India which may dent oil demand. Asian markets opened down today, Continuing earlier session losses.
Good day to all.
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