By Srinivas Chowdary Sunkara // petrobazaar // 28th April, 2021.
Brent oil futures for June delivery rose 77 cents or 1.17pct to settle at $66.42 a barrel on London based ICE futures Europe exchange. WTI oil futures to be delivered in June edged up $1.03 or 1.66% to close at $62.94 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices inched up 5.9 Yuan to 402.4Yuan/bbl while MCX crude oil current month futures prices settled Rs.49 higher at Rs.4678 a barrel yesterday. Brent premium narrowed down to $3.48 a barrel over WTI during the session.
The world crude oil price index curves turned up as the JMMC recommends no change in production policy and will proceed to ease cuts as agreed. The full ministerial meeting was skipped to plan early June. Though the group has voiced over concern on surge in infections during the technical committee meeting on Monday, OPEC+ does not change its demand forecast and is in the opinion that India's crisis will not impact demand outlook. Turning to weekly reports, API reported that U.S crude supplies rose by 4.3Mbpd while gasoline and distillates stocks are reportedly down by 1.3Mb and 2.4Mb during the last week. EIA will confirm the numbers later today. Consensus is on drawings. Today, Asian markets opened mix and it does not demonstrate any firm trend so far.
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
