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 rises as output cut compliance likely in market

 

Crude oil futures closed higher in the domestic market on Tuesday finding support after Saudi Arabia’s energy minister said compliance with production cuts will help the market reach a balance between supply and demand by the middle of the year.

OPEC has established a committee to keep tabs on signatories’ production and it will reportedly meet later this week for the first time.

At the MCX, crude oil futures for January 2016 contract closed at Rs 3596 per barrel, up by 0.47 per cent, after opening at Rs 3581, against a previous close of Rs 3579. It touched the intra-day high of Rs 3636.

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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 Rises on rise in US Inventories data

 

Crude oil futures closed higher in the domestic market on Thursday on reports of a surprise buildup in U.S. inventories.

Upbeat economic reports also added to the view that demand was on an uptrend. Traders will be watching to see whether producers will underreport production, a behavior that surfaced in past attempts to rein in global output.

At the MCX, crude oil futures for January 2016 contract closed at Rs 3608 per barrel, up by 0.87 per cent, after opening at Rs 3580, against a previous close of Rs 3577. It touched the intra-day high of Rs 3623.

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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 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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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 As expectations of production freeze fade

 

Crude oil futures closed lower in the domestic market on Tuesday as hopes waned for an agreement between two of the biggest oil producers to freeze output to tackle a global supply glut.

 

Saudi Arabia said on Tuesday it would go along with a freeze in oil output if other producers agreed, but cautioned that Iran could foil any attempt to limit output.

 

At the MCX, Crude oil futures for September 2016 contract closed at Rs. 2961 per barrel, down by 0.67 per cent, after opening at Rs. 2990, against the previous closing price of Rs. 2981. It touched the intra-day low of Rs. 2925.

 

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Crude Oil little changed as glut fears remain in the market

 

Crude oil futures were trading flat during morning trade in the domestic market on Friday amid renewed worries over a global glut in the energy commodity after a Russian government energy official dismissed the need to freeze output while US supplies rose to the highest seasonal level in atleast three decades.

Further, a renewed contraction in US manufacturing clouded the fuel’s demand outlook. Marking the biggest drop in more than two years, the US manufacturing index fell 3.2 points to 49.4 in August, with a reading below 50 signaling contraction.

At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,910 per barrel, up by 0.03 per cent, after opening at Rs 2,927, against a previous close of Rs 2,909. It touched the intra-day high of Rs 2,927 

 

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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 US inventory Data In Market

Crude oil futures closed lower in the domestic market on Wednesday after U.S. government data showed a weekly climb in crude inventories and a report from OPEC revealed record production from Saudi Arabia in July.

The latest set of weekly figures from the Energy Information Administration�s revealed a build of 1.1m barrels in US commercial crude inventories, against a forecast for a 1.75m-barrel fall from analysts.

At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2812 per barrel, down by 1.75 per cent, after opening at Rs. 2860, against the previous closing price of Rs. 2862. It touched the intra-day low of Rs. 2798.

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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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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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Crude Oil Dips On Brexit uncertainty in the Domestic Market

 

Crude oil futures dipped by around 0.53 per cent in the domestic market on Tuesday as investors weighed continued uncertainty ahead of the U.K. referendum on European Union membership and its potential impact on energy demand.

Analysts said that while a Brexit may not have an immediate impact on oil, the market could suffer collateral damage. A departure could dampen appetite for riskier assets such as commodities. Oil could also take a hit from a rising dollar, which analysts expect to strengthen if the U.K. votes to leave.

At the MCX, Crude oil futures for June 2016 contract closed at Rs. 3,357 per barrel, down by 0.53 per cent, after opening at Rs. 3,375, against the previous closing price of Rs. 3,375. It touched the intra-day low of Rs. 3,323. 

 

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