By Srinivas Chowdary Sunkara // petrobazaar // 28th Oct, 2021.
Brent oil Dec futures prices tumbled $1.82 or 2.11 pct to settle at $84.58 a barrel on London based ICE futures Europe exchange. WTI oil futures prices for Dec delivery plunged $1.99 or 2.35% to close at $82.66 a barrel on NYMEX last night. Shanghai crude oil main contract futures prices fell 3.3Yuan to 528.3Yuan/bbl while MCX crude oil current month futures prices slumped Rs.134 or 2.11 pct to settle at Rs.6231 a barrel yesterday. Brent traded at a premium of $1.92 over WTI during the session.
The world crude oil price index curves demonstrated down ward momentum on surprise hefty U.S stock build, More than analysts expectation as reported by EIA. In U.S, Crude stocks were piled up by 4.3Mbpd while gasoline stocks were built by 2Mbpd whereas distillates stocks were moderately increased by 0.4Mbpd last week. The agency also published that there was no change in domestic production, However Influx of crude imports, Dip in exports compounded with sluggish refinery processing contributed to stocks build. On the other hand, Crude stocks depleted at record levels at U.S main delivery hubs, Cushing and Oklahoma. Asian markets opened in red and oil futures are trading at 2 pct low from previous session's close.
Good day to all.
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