By Srinivas Chowdary Sunkara // petrobazaar // 15th April, 2021.
Brent oil June futures prices advanced $2.91 or 4.57 pct to settle at $66.58 a barrel on London based ICE futures Europe exchange. The U.S crude benchmark, WTI oil futures for May delivery surged $2.97 or 4.94 pct to close at $63.15 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices rose 6 Yuan to settle at 400 Yuan/bbl while MCX crude oil current month futures prices closed Rs.222 higher at Rs.4747 a barrel yesterday. Brent premium over WTI narrowed down to $3.43 a barrel during the session.
The world crude oil price index curves continued to swing upside over optimism about returning demand. Monthly reports and weekly numbers also lent some support to crude complex yesterday. Turning to weekly numbers, EIA reported that U.S crude stocks were drawn by 5.9Mb, Exceeding analysts expectation of 2.9Mb. The data also reported that gasoline supply was up by 300000 barrels while distillates stockpiles fell by 2.1Mb during the last week. U.S crude production was up to 11Mbpd, Imports and exports numbers were down. Refinery throughput moderately increased, Operable capacity was significantly down with a moderate increase in refinery utilisation. The IEA lifted its global consumption outlook for this year that boosted oil prices. Today, Asian markets are opened mix and it doesn't indicate any firm trend so far.
Good day to all.
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