:: Market News --- ID :: 19425
crude today // 24-12-2021
supportive outlook from weekly numbers

By Srinivas Chowdary Sunkara // petrobazaar // 24th Dec, 2021.

Brent oil futures for Feb delivery rose $1.56 or 2.07 pct to settle at $76.85 a barrel on London based ICE futures Europe exchange. WTI Feb futures prices advanced $1.03 or 1.42% to close at $73.79 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 7 Yuan to 472.6 Yuan/bbl while MCX front month futures prices traded Rs.61 higher at Rs.5529 a barrel yesterday. Brent premium over WTI widened to $3.06 a barrel during the session.

The world crude oil price index curves continued to demonstrate upside momentum as both the benchmark prices were underpinned by more than expected U.S stock draws. Strong weekly numbers shrugged off fears of dent in fuel demand that sent positive note to traders. Turning to weekly numbers, U.S crude stocks were dropped by 4.7Mbpd while gasoline and distillates stocks were piled up by 5.5Mbpd and 0.4Mbpd respectively. U.S domestic production numbers were up by 100Kbpd where as net imports were countered down by boost in exports during the last week. Crude throughput into refinery was increased marginally with no change in operable capacity and slippage in percent utilization. Cushing stocks were built up by 1.5Mbpd. 

Today, Asian markets opened in bearish mood, taking back some of the previous sessions margins. Both the benchmarks are set to log in weekly gains. Rig numbers are awaited later today. 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