By Srinivas Chowdary Sunkara // petrobazaar // 26th April, 2021.
Brent oil futures for June delivery advanced 71 cents or 1.09 pct to close at $66.11 on London based ICE Futures Europe exchange. In U.S, WTI oil June futures settle 71 cents or 1.16% up to $62.14 a barrel on NYMEX on Friday. In Shanghai, Crude oil main contract futures prices rose 3.7 Yuan to 399Yuan/bbl while MCX crude oil current month futures prices closed rs.39 higher at Rs.4657 a barrel on Friday. Brent premium over WTI remained unchanged at $3.97 a barrel during the session.
The world crude oil price index curves turned up on Friday on expected demand recovery from U.S and Europe amid easing lockdowns and growth pick up. However surge in infection cases in India, The world's third largest oil user, Capped the gains. Motor fuels consumption is estimated to be down in India due to state imposed lockdowns. Refinery run rate in India will slow down on piling up stocks. India's Crude purchases will certainly fall, if the outbreak and associated restrictions persist. Both the benchmark futures logged in weekly loss on Friday. On the supply side, OPEC+ producers are scheduled to meet this week. They agreed to add 2.4Mbpd to global supplies between May and July.
Turning to technical side, Money managers increased their net-length in Brent crude oil futures and options while reduced WTI futures and options in the week ending April, 20th. Long only positions and short-only positions rose as per CFTC and ICE data published. Baker Hughes reported that U.S drillers reduced one oil rig to 343. Today, Asian markets opened in red, Continuing bearish sentiment across the market.
Good day to all.
