Commodity Outlook on Crude Oil Market

Crude:-

WTI oil prices declined by 2 percent on Thursday to close at $48.6 per barrel on fears of slowing demand amid lingering concerns over a global over supply of crude. U.S. stock indexes fell sharply on Thursday, with the Dow and the Nasdaq posting triple – digit point declines, as investors fretted over escalating tensions between the U.S. and North Korea. OPEC said its oil output rose by 17 3,000 bpd in July to 32.87 million  bpd, led by the exempt producers plus top exporter Saudi Arabia,  citing figures it collects from secondary sources. Crude prices are down nearly 7 percent so far this year, pressured by concern that output cuts by OPEC and its partners may not eliminate the global crude glut. On the MCX, oil prices declined by 0.9 percent to close at Rs.3128 per barrel.

oil-prices-edge-higher-after-us-stockpile-fall

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Commodity,MCX Market Trends-Oil prices edge higher after US stockpile fall

Oil futures rose in early Asian trading on Thursday, adding to gains from the previous session after official figures showed US crude inventories fell more than expected.

Brent crude, the global benchmark, was up 8 cents, or 0.15 per cent, at $52.78 at 0015 GMT. It closed 1.1 per cent higher on Wednesday, snapping two days of declines.

oil-prices-edge-higher-after-us-stockpile-fall

US West Texas Intermediate (WTI) crude was up 8 cents, or 0.2 per cent, at $49.64, after rising 0.8 per cent in the previous session

US crude stockpiles fell last week as refineries boosted output to the highest per centage of capacity in 12 years, the Energy Information Administration said on Wednesday.

US crude inventories fell 6.5 million barrels last week, the government data showed, steeper than the expected decrease of 2.7 million barrels.

Refiners processed nearly 17.6 million barrels of crude, surpassing a record set in May and the most for any week since the US Department of Energy started keeping data in 1982.

But a surprise increase in gasoline stocks is capping gains in oil prices and tempering attempts by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers to boost prices that are about half of levels three years ago.

They are cutting output by about 1.8 million barrels per day (bpd) under an agreement set to run until March 2018.

The deal has supported prices but a recovery in output in Libya and Nigeria, OPEC members exempt from the cut, has also complicated the initiative.

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Commodity Outlook on Crude Oil

Crude:-

Oil prices jumped over one percent in American trade as the dollar index edged down to near the lowest since June 23, 2016, following earlier data from the US, and ahead of Federal Reserve Bank of Minneapolis President Neel Kashkari’s speech in Minnesota. On Wednesday, the Energy Information Administration released its report on US crude stocks, showing a deficit of 7.2 million barrels in the week ending July 21, adding to the 4.7M drop in the previous week, while analysts expected only a 3.3M drawdown, with total stocks now reaching 483.4 million barrels, remaining within the uppermost range on average in this time of year. Otherwise, gasoline stocks fell one million barrels, while distillate inventories declined 1.9 million barrels, both remaining within the uppermost range on average in this time of year.

crude

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MCX Commodity Market Updates on Crude Oil

Oil prices dipped on Thursday after three days of gains, but were sitting just below 8-week highs on hopes that a steeper-than-expected decline in US crude oil inventories will reduce a global oversupply.

Brent crude futures were down 15 cents or 0.3 per cent at $50.82 a barrel at 0150 GMT, after rising about 1.5 per cent in the previous session.

oil-prices-ease-but-near-8-week-highs-on-lower-us-stocks

US West Texas Intermediate futures were down 14 cents or 0.3 per cent to $48.61 a barrel.

US crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.

The 7.2 million barrel decline in crude inventories in the week ending July 21 was well above the 2.6 million barrel forecast.

“This marks the fourth consecutive week that total hydrocarbon inventories have fallen during a time of year when they normally increase,” said PIRA Energy oil analyst Jenna Delaney.

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Commodity ,MCX Market-Oil steady after fall ahead of Opec/non-Opec meeting

Oil prices were little changed on Monday following a steep fall in the previous session amid growing expectations that the joint Opec and non-Opec ministerial meeting later in the day would address rising production from Nigeria and Libya, two Opec members exempted from the cuts.

non-opec-meeting

Six Opec and non-Opec ministers will meet on Monday in St Petersburg to discuss the market outlook and compliance with output cuts. They may recommend a conditional cap on Nigerian and Libyan oil production, sources familiar with the talks said.

The joint Opec/non-Opec ministerial committee could also discuss a deeper cut in production, but more studies are needed, according to one of the sources.

Kuwait’s oil minister, Essam al-Marzouq, said on Saturday that compliance was good with oil production cuts by Opec and non-Opec countries and that deeper cuts were possible.

London Brent crude for September delivery was unchanged at $48.06 a barrel by 2228 GMT on Sunday. The contract settled down $1.24 or 2.5 per cent on Friday after a consultancy forecast a rise in Opec production for July despite the group’s pledge to curb output.

NYMEX crude for September delivery was down 2 cents at $45.75.

A rebalancing of the oil market is progressing more slowly than expected, but it will speed up in the second half of the year, Opec Secretary General Mohammad Barkindo said on Sunday.

Turkish President Tayyip Erdogan travelled to Saudi Arabia and Kuwait on Sunday, the Gulf states’ official news agencies reported, as part of a diplomatic tour aimed at healing an Arab rift with Ankara’s ally Qatar.

Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilizes, the Financial Times reported.

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Commodity Outlook on CRUDE MARKET

Crude:-

Oil futures tumbled nearly two percent in American trade even as the dollar index hit the lowest since June 24, 2016, amid a lack of data from the US, the world’s largest energy consumer, and ahead of the the Opec and non-Opec Oversight Committee’s meeting in Petersburg, Russia. A report from Russian oil company Petro-Logistics SA showed OPEC’s output rose 145 thousand bpd, surpassing 33 million barrels in June, pointing the finger at Saudi Arabia and Emirates for producing more crude recently, in addition to the exempted countries such as Nigeria and Libya.  Otherwise, the Energy Information Administration released its report on US crude stocks earlier this week, showing a drawdown of 4.7 million barrels in the week ending July 14, adding to a 7.6M drawdown in the previous reading, while analysts expected only a 3.6M drop, with total stocks now reaching 490.6 million barrels remaining within the uppermost range on average in this time of year.

crude

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Crude Oil Commodity Outlook

Crude:-

Oil futures rose nearly one percent for the fifth session in a row as the dollar index swooned to a ten-month trough following earlier data from the US the world’s largest energy consumer. Earlier US data showed consumer prices slowing down on a yearly basis in June, while retail sales fell further unexpectedly last month. US industrial production grew more than expected in June while the Capacity Utilization Rate rose below expectations, as business inventories matched expectations in gains while the preliminary UoM consumer sentiment survey fell unexpectedly in July. The compliance rate for OPEC producers with output cuts fell to 78% in June from 95%, after some countries pumped more than their limits, like Iraq, Emirates, and Venezuela, while the agency upgraded its global demand growth forecasts by 100 thousand bpd to 1.4 million bpd in 2017, as global supplies fell to 266 million bod in May from 300 million bpd in April.

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