Commodity Updates - Crude oil futures ended marginally lower in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh Seat in the energy commodity amid speculation that the OPEC’s decision to keep production at continued big levels in a to protect market share may worsen a supply glut.
Meanwhile, the EIA lifted its estimates for US crude oil output in 2015 to 9.33 million barrels per day to 9.29 million barrels per day.A slight dip in US crude inventories last week did little to drive away worries over storage levels which are at the highest level in at least 80 years for this time of the year. The industry-funded American Petroleum Institute (API) said that US crude oil stockpiles fell by 1.9 million barrels in the week ended December 4.
Further, China’s crude imports climbed 7.6% , year on year in Nov 2015, while surging 8.7 per cent to 6.61 million barrels per day in the first eleven months of the year.However, a fifth straight drop in China’s exports in November signaled a worsening outlook for the world’s second biggest oil consuming nation, clouding the demand outlook for the fuel.
While China’s international shipments fell 3.7 per% year on year, in yuan terms, in November 2015, imports dropped 5.6 per cent, raising fears of a hard Sliping in the world’s second biggest economy.Mixed US economic data also dimmed the demand prospects for the fuel as US consumer confidence rose in December, small business optimism fell last month and job openings declined in Oct .signaling a slight loss of momentum in the world’s biggest economy.
The IBD/TIPP Economic Optimism Index, a gauge measuring US consumer sentiment rose to 47.2 this month from 45.5 in November. The gauge measuring small business optimism in the US fell by 1.3 points to 94.8 in November, while the number of positions waiting to be filled fell by 150,000 to 5.38 million in October.Oil may trade on a soft note today ahead of the weekly US inventory to be published by the EIA, which may show that crude stockpiles rose last week.
At the MCX, Crude oil futures, for the December 2015 contract, closed at Rs 2,528 per barrel, down by 0.04 per cent, after opening at 2,535, against the previous close price of Rs 2,529. It touched an intraday low of Rs 2,462.
Meanwhile, the EIA lifted its estimates for US crude oil output in 2015 to 9.33 million barrels per day to 9.29 million barrels per day.A slight dip in US crude inventories last week did little to drive away worries over storage levels which are at the highest level in at least 80 years for this time of the year. The industry-funded American Petroleum Institute (API) said that US crude oil stockpiles fell by 1.9 million barrels in the week ended December 4.
Further, China’s crude imports climbed 7.6% , year on year in Nov 2015, while surging 8.7 per cent to 6.61 million barrels per day in the first eleven months of the year.However, a fifth straight drop in China’s exports in November signaled a worsening outlook for the world’s second biggest oil consuming nation, clouding the demand outlook for the fuel.
While China’s international shipments fell 3.7 per% year on year, in yuan terms, in November 2015, imports dropped 5.6 per cent, raising fears of a hard Sliping in the world’s second biggest economy.Mixed US economic data also dimmed the demand prospects for the fuel as US consumer confidence rose in December, small business optimism fell last month and job openings declined in Oct .signaling a slight loss of momentum in the world’s biggest economy.
The IBD/TIPP Economic Optimism Index, a gauge measuring US consumer sentiment rose to 47.2 this month from 45.5 in November. The gauge measuring small business optimism in the US fell by 1.3 points to 94.8 in November, while the number of positions waiting to be filled fell by 150,000 to 5.38 million in October.Oil may trade on a soft note today ahead of the weekly US inventory to be published by the EIA, which may show that crude stockpiles rose last week.
At the MCX, Crude oil futures, for the December 2015 contract, closed at Rs 2,528 per barrel, down by 0.04 per cent, after opening at 2,535, against the previous close price of Rs 2,529. It touched an intraday low of Rs 2,462.
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