crude today 31-08-2020

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 31st Aug, 2020

Brent oil futures for Oct delivery edged down 4 cents or 0.09% to $45.05 on London based ICE futures Europe exchange and WTI oil futures for Oct delivery inched down 7 cents or 0.16% to $42.97 a barrel on NYMEX on Friday. Brent Oct futures expired on Friday. In Shanghai, Crude oil main contract futures dropped by 2.8 Yuan or 0.97% to close at 286.3 Yuan/barrel while MCX crude oil current month futures contract prices settled Rs.23 down at Rs.3149 a barrel in India. Brent traded at a premium of $2.08 during the session.

The world crude oil benchmark futures prices has had unusually long spell of low volatility, not reacted even to weaker dollar last week. Oil prices reacted very strongly at the beginning of the week with strong advances, buoyed by the sizable amount of storm premium pumped into the market followed by a major erasure of hurricane premium since the storm arrival did not have major impact on offshore production and refinery activity in U.S.. Both the benchmarks logged in fourth weekly gains on late week. 

Turning to weekly data, U.S drillers kept rig numbers unchanged during the last week. With ref to CFTC, Money managers reduced their net length in WTI crude oil futures and options by 7503 contracts to 326,896 in the week ending Aug 25th – a 15 week low. Analysts are in the opinion that the oil prices held lower by low refining margins with stock draws in place with less direct impact on benchmark prices. Macro factors seems to be in support to oil complex. Today Morning, Asian markets opened in green and do not have any firm trend so far and i expect sideways today.

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

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

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