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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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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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 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 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

Today Crude oil dips on rise in supply at the Market

 

Crude oil futures closed lower in the domestic market on Monday after a survey revealed that crude production from members of the Organization of the Petroleum Exporting Countries had climbed to a nearly eight-year high. The report exacerbates concerns that global output is set to climb as recent supply disruptions ease.

At the MCX, Crude oil futures for July 2016 contract closed at Rs. 3,020 per barrel, down by 1.27 per cent, after opening at Rs. 3,039, against the previous closing price of Rs. 3,059. It touched the intra-day low of Rs. 2997. 

 

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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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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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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 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.