Crude today 10-06-2020

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 10th June 2020.

Yesterday, Brent oil futures prices for August delivery rose 38 cents or 0.93% to close at $41.18 on London based ICE futures Europe exchange. WTI oil futures to be delivered in June rose 75 cents to settle at $38.94 a barrel on NYMEX yesterday. In Shanghai, Crude oil main contract futures dropped by 2.4 Yuan or 0.75% at 316.4 Yuan/barrel. MCX crude oil June futures traded insignificantly to close with a narrow up at Rs.2890 a barrel. Brent premium over WTI narrowed down to $2.24 a barrel during the yesterday&#39s session.

Today Morning, The world crude oil price indexes are under downward pressure over the bearish API numbers released yesterday. Asian markets are opened down after API numbers trounced analysts expectations of weekly numbers, that showed a build due to elevated imports and a big drop in U.S crude exports. The data  showed 8.42 MM and 4.271MM build in U.S crude and distillates stocks respectively during the last week while gasoline stocks were reportedly drawn by 2.285MM where as cushing stocks are down by 2.913 MM. EIA will confirm the numbers later today. Both the benchmark futures prices demonstrated irregular changes yesterday since Libya&#39s production news weighed on while Analysts expectation of drawings in U.S crude and product stocks. Let us wait for U.S government data why may spur some volatility. 

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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