By Srinivas Chowdary Sunkara // petrobazaar // 26th May, 2022.
Brent oil July futures prices rose 47 cents or 0.41 pct to $114.03 a barrel on London based ICE futures Europe exchange while WTI oil futures to be delivered in July inched up 56 cents or 0.51% to settle at $110.33 a barrel on Nymex last night. In Shanghai, Crude oil main contract futures prices mounted up 38 yuan to 709.4 Yuan/bbl where as MCX crude oil front month futures prices traded Rs38 or 0.45 pct higher to Rs.8550 a barrel yesterday. Brent premium over WTI widened up by $3.7 a barrel during the session.
The world crude oil price index curves continued to moved up yesterday as both the benchmarks demonstrated upside momentum buoyed up by tight supplies across the market. U.S government data showed that refineries drove processing to cater increasing product demand. The data showed that U.S crude and gasoline stocks were drawn by 1 Mbpd and 0.5Mbpd while distillates stocks were built up by 1.7 Mbpd last week. U.S domestic production numbers unchanged with a dip in net imports and widening exports that showed increase in demand outlook. EU hopes to be able to agree on phase wise ban on Russian Urals also extended support to oil complex. Even without a legal ban, self-sanctioning by numerous European countries has led to a record amount of Russia's oil sitting in vessels at sea as it struggles to find buyers. Today, Asian markets opened in bullish mood and extended previous session gains.
Good day to all.
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