Commodity updates : Crude oil futures soared in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as a bigger than expected draw in US crude oil stockpiles last week signaled a pickup in demand for the fuel in the world’s biggest oil consumer. US crude oil supplies fell by 6.7 million barrels in the week ended June 5, 2015, the American Petroleum Institute said, topping expectations of a decline of less than 2 million barrels. The EIA downgraded its 2016 US production forecast while upgrading its outlook for global oil demand in 2015. US oil output is expected to average 9.27 million barrels per day, below its 9.43 million forecast for 2015. The EIA raised its global oil demand growth estimate for 2015 by 20,000 barrels per day to 1.25 million barrels per day. The estimate for oil demand growth in the US was upped to 380,000 barrels per day from 340,000 barrels per day.
US job openings hit a record high in April while small business confidence picked up to the highest level in five months in May, signaling a fastening recovery in the world’s biggest economy, lifting the demand outlook for the fuel. The number of positions waiting to be filled in the US climbed by 5.2 per cent to the highest level on records dating back to December 2000 at 5.4 million in April. The gauge measuring US small business sentiment climbed 1.4 points to the highest level since December 2014 at 98.3 in May 2015. Oil futures may extend a rally today ahead of the EIA data which may show a sixth straight US inventory drop. At the MCX, Crude oil futures, for the June 2015 contract, closed at Rs 3,854 per barrel, up by 3.3 per cent, after opening at Rs 3,745, against the last close price of Rs 3,731. It touched an intraday high of Rs 3,865 till closing.
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CASH: BUY VOLTAS ABOVE 331.50 TGTS 334/337/342 SL 328.50
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