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 low on rising US crude inventories in market

 

Crude oil futures closed lower in the domestic market on Friday as support from recent global production cuts continued to face off against pressure from expectations of more growth in U.S. output.

Weekly data released Friday showed a second-straight weekly rise in the number of U.S. rigs actively drilling for oil, contributing to concerns that increases in U.S. crude production will hurt efforts by other producers to curb output.

At the MCX, crude oil futures for February 2016 contract closed at Rs 3609 per barrel, down by 0.55 per cent, after opening at Rs 3645, against a previous close of Rs 3629. It touched the intra-day low of Rs 3592.

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Today Crude oil up as oil producers pledge to reduce output

 

Crude oil futures closed higher in the domestic market on Friday amid ongoing signs of compliance with a global pact to cut production.

OPEC plans to release its monthly oil report on Jan. 18 and the IEA’s monthly report is due the next day, but both would come just over two weeks after the output cuts officially began. OPEC pledged to reduce production by 1.2 million barrels a day and other major producers promised a cutback of nearly 600,000 barrels a day.

At the MCX, crude oil futures for January 2016 contract closed at Rs 3680 per barrel, up by 1.21 per cent, after opening at Rs 3653, against a previous close of Rs 3636. It touched the intra-day high of Rs 3700.

 

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Crude oil dips on increase in production last month

 

Crude oil futures closed lower in the domestic market on Tuesday as some market surveys revealed further increases in crude production last month from the Organization of the Petroleum Exporting Countries, despite an agreement to cut back output starting in January.

Traders and analysts will keep a close eye on export volumes in the New Year for evidence of the production cuts as the cartel has a checkered history for complying with quotas.

At the MCX, crude oil futures for December 2016 contract closed at Rs 3436 per barrel, down by 2.83 per cent, after opening at Rs 3530, against a previous close of Rs 3536. It touched the intra-day low of Rs 3411.

 

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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 down on rise in US crude stockpiles

 

Crude oil futures closed lower in the domestic market on Wednesday after U.S. data revealed that crude stockpiles jumped by more than 14 million barrels—the largest weekly climb on record.

In September, OPEC reached a preliminary agreement to cut production, possibly by 200,000 to 700,000 barrels a day. The goal was to pump up prices by removing some unwanted barrels from the market, but OPEC said it wouldn’t complete details of the plan until the official Nov. 30 meeting.

At the MCX, crude oil futures for November 2016 contract closed at Rs 3027 per barrel, down by 2.51 per cent, after opening at Rs 3100, against a previous close of Rs 3105. It touched the intra-day low of Rs 3008.

 

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Today Crude oil down on doubts over OPEC deal

 

Crude oil futures closed lower in the domestic market on Wednesday pressured by the possibility that the Organization of the Petroleum Exporting Countries’ plan to curb output will fail after Iraq signaled unwillingness to take part in the proposed deal.

Iraq, the second biggest producer in OPEC after Saudi Arabia, over the weekend said it should be exempt from any deal to scale back production as it needs the oil revenue to fund its continuing war against Islamic State militants.

At the MCX, crude oil futures for November 2016 contract closed at Rs 3296 per barrel, down by 1.73 per cent, after opening at Rs 3345, against a previous close of Rs 3354. It touched the intra-day low of Rs 3278.

 

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Today Crude oil Dips as OPEC output climbs In market

 

Crude oil futures closed lower in the domestic market on Monday as an increase in the number of rigs actively drilling for oil in the U.S. and rising crude output from major producers pushed prices in to lower levels.

Ahead this week, the market will watch for the weekly U.S. crude inventories and production data to be released on Wednesday. China will also release its monthly crude production and throughput data on the same day.

At the MCX, crude oil futures for October 2016 contract closed at Rs 3327 per barrel, down by 0.36 per cent, after opening at Rs 3356, against a previous close of Rs 3339. It touched the intra-day low of Rs 3306.

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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 Dips As chances of Output Deal Decline

 

Crude oil futures closed lower in the domestic market on Friday as traders weighed the latest talk from major oil producers ahead of their meeting next week that's expected to focus on production levels. The meeting planned for the last day of the International Energy Forum, which will be held in Algeria Monday through Wednesday, will only offer a chance for the Organization of the Petroleum Exporting Countries and other oil producers to consult with each other about production levels.

At the MCX, crude oil futures for October 2016 contract closed at Rs 2978 per barrel, down by 3.97 per cent, after opening at Rs 3090, against a previous close of Rs 3101. It touched the intra-day low of Rs 2967.

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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 down on rising crude production At market

Crude oil futures closed lower in the domestic market on Wednesday after U.S. government data revealed the first weekly climb in domestic-crude inventories in 10 weeks, along with a surprise increase in gasoline stockpiles and a rise in total crude production.

The worry is that the swelling glut of gasoline will prompt refiners to buy less crude oil going forward, causing the global glut of crude to linger longer and put prices under pressure.

At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2835 per barrel, down by 2.34 per cent, after opening at Rs. 2916, against the previous closing price of Rs. 2903. It touched the intra-day low of Rs. 2821.

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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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Crude oil futures spike over 2 % in the domestic market on Thursday

 

Crude oil futures jumped over 2 per cent in the domestic market on Thursday amid hopes that Brits will chose their country to remain a part of the EU in yesterday’s referendum, bolstering the appetite for risky assets.

Investors are wagering that support for the U.K. to stay in the 28-nation group has gained traction, stoking appetite for assets perceived as risky, including oil futures.

At the MCX, Crude oil futures for July 2016 contract closed at Rs. 3,361 per barrel, up by 2.03 per cent, after opening at Rs. 3,301, against the previous closing price of Rs. 3,294. It touched the intra-day high of Rs. 3,375. 

 

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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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