By Srinivas Chowdary Sunkara // petrobazaar // 25th March, 2021
Brent oil futures prices for May delivery lost $1.14 a barrel or 1.77 pct to close at $63.27 a barrel on London based ICE futures Europe exchange. WTI oil May futures prices slid $1.27 a barrel or 2 % to settle at $59.91 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slipped 12.7 Yuan to 378.1 Yuan/bbl while MCX crude oil current month futures prices rose Rs.216 or 5.1 pct to Rs.4453 a barrel yesterday. Brent premium over WTI widened to $3.36 a barrel during the session.
The World crude oil price index curves continued to fall down amid prevailing bearish sentiment over demand fears, Virus and pandemic worries across the markets. Blockage of Suez Canal news kept floor supported for some time. Vandana says that it's a tug of war week in oil market amid ongoing fight between the Suez canal bed and tug boats for Evergiven. Covid-driven demand fears, OPEC led supplies , Vaccination delays and accelerating mutants are the other factors that are looking at in the market. Turning to weekly reports, EIA reported that U.S crude oil , Gasoline and Distillates stocks rose 1.9Mb , 0.2Mb and 3.8 Mb respectively during the last week. Exports numbers down while imports up. Domestic production ramped up. Crude inputs into refinery improved along with refinery operable capacity. Asian markets extended yesterday's losses this morning.
Good day to all.
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