Crude oil dips on rising US crude stockpile in market

 

Crude oil futures closed lower in the domestic market on Wednesday as U.S. government data showed crude stockpiles at a record, but a larger-than-expected decline in gasoline inventories capped losses.

Expectations of higher demand for gasoline during the summer driving season helped to lead oil prices back from their November lows.

At the MCX, crude oil futures for April 2016 contract closed at Rs 3168 per barrel, down by 0.00 per cent, after opening at Rs 3166, against a previous close of Rs 3168. It touched the intra-day low of Rs 3104.

 

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Crude oil up as crude producers agree to cut production

 

Crude oil futures closed higher in the domestic market on Monday after more oil-producing nations agreed to slash production, a move aimed at pushing the oversupplied oil market back into balance, or even a deficit, and prop up prices that have been stuck in a two-year slump.

Over the weekend, a group of heavyweight producers outside of the Organization of the Petroleum Exporting Countries, including Russia, agreed to scale back their output by 558,000 barrels a day. The move would come on top of the cut of 1.2 million barrels a day agreed to by OPEC in late November.

At the MCX, crude oil futures for December 2016 contract closed at Rs 3587 per barrel, up by 3.25 per cent, after opening at Rs 3500, against a previous close of Rs 3474. It touched the intra-day high of Rs 3644.

 

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Crude oil Dips on OPEC uncertainty in the domestic market

Crude oil futures closed lower in the domestic market on Friday amid uncertainty over whether the OPEC-member countries will reach an output deal in a meeting on November 30.

Losses extended at futures trade after Saudi Arabia said it will not attend talks on Monday with non-OPEC producers to discuss supply cuts.

At the MCX, crude oil futures for December 2016 contract closed at Rs 3196 per barrel, down by 3.24 per cent, after opening at Rs 3272, against a previous close of Rs 3303. It touched the intra-day low of Rs 3177.

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Today Crude oil up on US poll Results

 

Crude oil futures closed higher in the domestic market on Wednesday as Donald Trump’s election win fueled a risk-on sentiment among investors that fed a climb in the U.S. stock market.

Prices had suffered losses in earlier trading on the back of a second straight weekly rise in U.S. crude supplies and concern that Trump’s win would lead to more production and add to the nation’s glut of oil supplies.

At the MCX, crude oil futures for November 2016 contract closed at Rs 3036 per barrel, up by 0.90 per cent, after opening at Rs 3000, against a previous close of Rs 3009. It touched the intra-day high of Rs 3058.

 

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Today Crude OIl Rise Up During Morning trade

Crude oil futures rose during late morning trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as a surprise decline in US storage levels last week eased concerns over a global supply glut.

The Industry-funded American Petroleum Institute (API) said that US crude oil supplies fell by 752,000 barrels in the week ended September 23, 2016.

The EIA will release separate US inventory data on Wednesday.

Meanwhile, the focus is on an informal meeting of OPEC countries in Algeria today but chances of a deal to cut output are pretty slim.

At the MCX, crude oil futures for October 2016 contract is trading at Rs 2,987 per barrel, up by 0.40 per cent, after opening at Rs 2,980, against a previous close of Rs 2,975. It touched the intra-day high of Rs 2,990. 

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Crude Oil in Reverse Gear As Libya, Nigeria Supplies Return

 

Crude oil futures were trading lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity on worries that US rig counts would continue to rise and that returning Libyan and Nigerian exports would stoke a global supply glut.

US drillers added 7 oil rigs in the week to September 9, bringing the total rig count to 414, the most since February.

Also, returning supply from Libya and Nigeria will hamper a rebalancing of the global crude market, weighed on the sentiment.

At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,918 per barrel, down by 1.02 per cent, after opening at Rs 2,925, against a previous close of Rs 2,948. It touched the intra-day low of Rs 2,915 .

 

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Crude oil dips on higher crude production prospects

 

Crude oil futures closed lower in the domestic market on Monday as investors cashed in on a seven-session streak of gains, pressured by expectations of higher global crude production.

Bets that major oil producers will agree to stabilize oil output at a meeting late next month fed a rally last week, but expectations for an agreement have faded and the market is eyeing the potential for higher production from Iraq and Nigeria.

At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3216 per barrel, down by 2.31 per cent, after opening at Rs. 3295, against the previous closing price of Rs. 3292. It touched the intra-day low of Rs. 3203 . 

 

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Today Crude Oil in reverse gear on ease of supply concerns

 

Crude oil futures were trading lower during the morning trade in the domestic market on Monday as investors and speculators cut down their exposure in the domestic spot market after media reports that oil was flowing unhindered through Turkey’s pipelines and waterways after a failed coup attempt against President Recaps 

Analysts said that traders cut short their positions at the spot market as traders dismissed worries of oil supply disruptions from the failed coup in Turkey over the weekend, influencing the downtrend at crude oil futures.

At the MCX, crude oil futures for July 2016 contract is trading at Rs 3,080 per barrel, down by 0.03 per cent, after opening at Rs 3,099, against a previous close of Rs 3,081. It touched the intra-day low of Rs 3,080

Crude Oil in Reverse Gear On UK Referendum During the Morning Trade

 

Crude oil futures were trading lower during the morning trade in the domestic market on Monday followed by dollar strengthening against most major currencies after the Britain on Friday opted to leave the EU in its referendum.

The UK referendum spooked investors’ weakening appetite for assets viewed as risky, including stocks and commodities, led to decrease in demand as dollar-priced commodity become costlier for those using other currencies, weighed on crude oil prices.

At the MCX, Crude oil futures for July 2016 contract is trading at Rs 3,232 per kg, down by 1.40 per cent, after opening at Rs 3,240, against a previous close of Rs 3,266. It touched the intra-day low of Rs 3,217

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US inventory Drop - Crude Oil Bulls in Control On Supply Fears

 

Crude oil futures jumped by more than 1 per cent in the domestic market on Tuesday, hitting a 2016 high overseas and regaining the USD 50 per barrel mark as a bigger than expected drawdown in US stockpiles last week and renewed worries over global supplies amidst disruption in Nigerian production buoyed sentiment in the energy commodity.

The industry-funded American Petroleum Institute showed a drop of 3.6 million barrels in US crude oil inventories last week. The EIA will release separate US inventory data on Wednesday.

Meanwhile, a militant group which calls itself the Niger Delta Avengers, and has been bombing pipelines in the region, vowed to reduce oil production in Nigeria, Africa’s top producer until 2015, to zero, raising fresh concerns over a global supply shortfall.

Further, a weaker dollar amidst speculation that the US Fed may delay the timetable for further interest rate hikes also bolstered the lure for the energy commodity as an alternative asset. Softer greenback makes oil cheaper for those holding other currencies, thus bolstering demand.

At the MCX , Crude oil futures for June 2016 contract closed at Rs. 3,347 per barrel, up by 1.27 per cent, after opening at Rs. 3,312, against the previous closing price of Rs. 3,305. It touched the intra-day high of Rs. 3,364. 

 

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Today Crude Oil Holds Advance in Tuesday Morning Trade

 

Crude oil futures consolidated an overnight rally in early trade on Tuesday as reports of more attacks by militants on Nigeria’s oil operations which have pushed the country’s output to the lowest level in 27 years and shut the majority of the country’s 23 gas-powered generators raised supply concerns.

However, the gains in crude were tempered by uncertainty over US interest rate outlook with Fed Chair Janet Yellen signaling that she still favours gradual rate tightening even though she stopped short of providing the precise timing for raising interest rates further.

At the MCX, Crude oil futures for June 2016 contract were trading at Rs. 3,321 per barrel, up by 0.48 per cent, after opening at Rs. 3,312, against the previous closing price of Rs. 3305. It touched the intra-day high of Rs. 3323. 

 

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Crude oil Updates - “ Crude oil flat Amid Dollar Strength “

Crude oil futures were trading little changed during morning trade in the domestic market on Tuesday tracking a bearish trend in the overseas market as a stronger dollar curbed the lure for the energy commodity as an alternative asset.

A stronger dollar makes dollar-denominated commodities more expensive for foreign buyers, reducing their appeal. The dollar strengthened against a basket of key global currencies on Tuesday amidst rising speculation of a June Fed rate hike.
 

However, hopes of a likely drawdown in US crude stockpiles by 2.5 million barrels last week supported oil.
 

At the MCX, crude oil futures for May 2016 contract were trading at Rs. 3,253 per barrel, up by 0.06 per cent, after opening at Rs. 3,248, against the previous closing price of Rs. 3,251. It touched the intra-day high of Rs. 3,253.

 

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Crude Oil Updates - Crude oil Gains On Weaker Dollar.

Crude oil prices rose by 0.07 per cent on Tuesday as the dollar slipped to an 18-month low against the yen, potentially spurring fuel demand. Higher oil came on the back of a slumping dollar, which makes purchases of dollar-traded fuel cheaper for countries using other currencies, potentially spurring demand, as well as strong investor interest in oil.

 

At the MCX, crude oil futures for May 2016 contract were trading at Rs. 2,989 per barrel, up by 0.07 per cent, after opening at Rs. 2,999 against the previous closing price of Rs. 2,987. It touched the intra-day low of Rs. 3,002 till the trading.
 

However, traders said the gains were capped by rising output in the Middle East as well as fears over China's economic health after factory activity shrank for a 14th straight month in April. Iraq, the second biggest exporter within the Organization of the Petroleum Exporting Countries (OPEC), was the latest OPEC-member to announce its exports were rising, reporting oil shipments from southern fields at an average rate of 3.364 million barrels per day (bpd) in April.

 

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Crude Oil Drops After Kuwaiti Oil workers End Strike.

 

Crude oil prices fell by 1.56 per cent on Wednesday after after Kuwaiti oil workers ended a three-day strike that had cut production from the Middle Eastern country. Kuwaiti oil and gas workers ended a three-day strike that had temporarily cut the OPEC member's crude production by nearly half, the trade union said in a statement. Kuwait Oil Company was forced to cut output to as little as 1.1 million barrels per day (bpd) from a normal level of about 3 million bpd. By Tuesday, output had recovered to around 1.5 million bpd. At the MCX, crude oil futures for April 2016 contract were trading at Rs. 2,770 per barrel, down by 1.56 per cent, after opening at Rs. 2,804 against the previous closing price of Rs. 2,814. It touched the intra-day low of Rs. 2,757 till the trading.
 

Adding to the bearish tone, data from industry group American Petroleum Institute (API) also showed US crude stocks rose more than anticipated last week. Crude inventories rose by 3.1 million barrels in the week to April 15 to 539.5 million, compared with analysts' expectations for a rise of 2.4 million barrels. 

 

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Crude Oil Updates - Crude Oil Dips As Oversupply Concerns Grow.

Crude oil prices fell by 1.38 per cent on Tuesday as a bearish drumbeat of oversupply weighs on sentiment. Traders responded to a bearish note from BNP Paribas on the increased likelihood that oil could retest yearly lows amid signals of mounting stockpiles worldwide. At the MCX, crude oil futures for April 2016 contract were trading at Rs. 2,367 per barrel, down by 1.38 per cent, after opening at Rs. 2,380 against the previous closing price of Rs. 2,400. It touched the intra-day low of Rs. 2,360 till the trading.
 

Prices also fell after Saudi Arabia crown prince Mohammed Bin Salman asserted that the kingdom will resist any agreement to cap its output unless the pact is also signed by their Iranian rivals. Previously, Saudi Arabia, Russia and two other OPEC members were expected to freeze production at their respective January levels when the nations meet at a closely-watched meeting on April 17 in Doha.
 

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Crude Oil Drops On Dimming Prospect of Output Restraint

Crude oil prices fell by 1.83 per cent on Monday as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while stubbornly high US output and worries about Asia's economic outlook also dragged on prices. At the MCX, crude oil futures for April 2016 contract were trading at Rs. 2,418 per barrel, down by 1.83 per cent, after opening at Rs. 2,457 against the previous closing price of Rs. 2,463. It touched the intra-day low of Rs. 2,418 till the trading.

 

Iran, returning to global oil markets after sanctions against it were lifted in January, said it would continue increasing its oil production and exports until it reaches the market position it enjoyed before the imposition of sanctions, according to a media report.
 

Adding to concerns of a global glut is US production remains high despite steep cuts in drilling for new reserves as well as a jump in bankruptcies.

 

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Crude Oil futures Edge Lower On Supply Concerns.

Crude oil futures were trading lower in the domestic market on Tuesday as investors and speculators stuck to a cautious approach amid rising concerns over US commercial inventory and doubts about the production freeze. 

 

The tone remained cautious ahead of a meeting between major oil producers next month in Doha with doubts emerging over an agreement on a plan to stabilize output as Iran remains adamant to continue pumping oil until production is back up towards pre-sanction levels.
 

At the MCX, Crude oil futures, for the April 2016 contract, were trading at Rs 2,621.00 per barrel, down by 0.46 per cent, after opening at 2,619.00, against the previous close price of Rs 2,633.00. It touched an intraday low of Rs 2,619.00.
 

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Crude oil Updates - Crude oil gains on lower US rig count

Crude oil Updates - Crude oil prices rose by 1.63 per cent on Monday supported by a fall in the number of US production rigs in use, but analysts said general oversupply was keeping the market weak. A falling rig count in the United States which is expected to lead to a decline in 2016 production helped support prices. Baker Hughes said the US rig count fell by 26 to 413 in the week ended February 19, 2016.
 

At the MCX, crude oil futures for March 2016 contract were trading at Rs. 2,239 per barrel, up by 1.63 per cent, after opening at Rs. 2,220 against the previous closing price of Rs. 2,203. It touched the intra-day high of Rs. 2,244 till the trading. 

 

However, traders continued to focus on a global supply glut in the midst of doubts over the likelihood of a collective cut happening anytime soon.

Crude oil slides on less chances of Gulf supply cuts

Crude oil prices fell by 0.05 per cent on Tuesday after a meeting between oil ministers from Saudi Arabia and Venezuela over the weekend reportedly accomplished little headway toward reaching an agreement that could curtail near-record high production by OPEC. At the MCX, crude oil futures for February 2016 contract were trading at Rs. 2,049 per barrel, down by 0.05 per cent, after opening at Rs. 2,057 against the previous closing price of Rs. 2,048. It touched the intra-day low of Rs. 2,045 till the trading. A meeting between Venezuela oil minister Eulogio Del Pino and Saudi Arabia counterpart Ali al-Naimi concluded with few indications that the OPEC members have moved closer to setting a date for an emergency summit, which could result in significant production cuts from the world's largest cartel.

Crude oil Drops 1.19 pct On Sluggish US Data

Crude oil prices fell by 1.19 per cent on Friday after US factory orders fell more than expected in December, declining for the fourth time in the past five months signaling weak sentiment in the region which reduced the demand outlook for the fuel. The US Census Bureau said factory orders decreased by a seasonally adjusted 2.9 per cent, worse than forecasts for a decline of 2.8 per cent. Factory orders fell 0.7 per cent in November, whose figure was revised from a previously reported decline of 0.2 per cent. At the MCX, crude oil futures for February 2016 contract were trading at Rs. 2,155 per barrel, down by 1.19 per cent, after opening at Rs. 2,163 against the previous closing price of Rs. 2,181. It touched the intra-day low of Rs. 2,152 till the trading.
 

However, losses were limited as investors awaited more clarity of the possibility of talks among major producers to cut output. Investors continued to gauge the likelihood of a potential extraordinary OPEC meeting later this month aimed at curbing a glut of oversupply on energy markets throughout the world. Also ahead in the US is rig count data from Baker Hughes.