By Srinivas Chowdary Sunkara // petrobazaar // 24th Sep, 2021.
Brent oil Nov futures prices advanced $1.06 or 1.39 pct to close at $77.25 a barrel on London based ICE futures Europe exchange. WTI oil futures prices to be delivered in Nov climbed $1.07 or 1.48 pct to settle at $73.3 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices traded up 5.5 Yuan to 479.4 Yuan/bbl while MCX crude oil front month futures prices closed Rs.96 higher at Rs.5420 a barrel yesterday. Brent premium over WTI was steady at $3.95 during the session.
The world crude oil price index curves rocketed up on supply worries amid growing demand across the market. Traders anticipate a faster and deeper draw down in inventories followed the prolonged disruption to Gulf of Mexico output caused by Hurricane Ida. Possibility of higher gas prices will cause more fuel oil burning this winter also lent support to crude complex. OPEC+ producers finding difficulty to raise output due to under-investment or delays to maintenance work because of the coronavirus pandemic. Easing greenback also supported oil prices. Today, Asian markets opened in green, Clung some gains at the time of reporting. 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