By Srinivas Chowdary Sunkara // petrobazaar // 27th May, 2022.
Brent oil futures for July settlement surged $3.37 or 2.96 pct to close at $117.4 a barrel on London based ICE futures Europe exchange while WTI oil July futures prices climbed $3.76 or 3.41% to close at $114.09 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices rose 5.5 Yuan/bbl to 714.9 Yuan/bbl while MCX front month futures prices spiked Rs.331 to Rs.8881 yesterday. Brent traded at a premium of $3.31 a barrel over WTI during the session.
The world crude oil price index curves continued to hover up as both the benchmarks demonstrated upside momentum since oil indexes followed rising equity markets and weakening U.S dollar. Oil markets are surrounded by bullish sentiment buoyed up by tight supply concerns amid growing seasonal demand in U.S and Chinese are prepared to open markets after two-months lockdown. On the other side, Optimism over EU countries likely to come to an agreement to phase wise ban on Russian oil continued to keep flour to oil markets. Bullish U.S weekly numbers extended support to oil complex. Jump in refinery run rate and crude stocks slid at Cushing signaled increasing product demand across the market. Today, Asian markets are trading mix at the time of reporting. The world benchmark futures are moving towards weekly gains.
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