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Tuesday, October 4, 2022

India Crude: Down tailing NYMEX as US oil inventories rise

Informist, Thursday, Jun 9, 2022

 

By Sayantan Sarkar

 

MUMBAI – Prices of crude oil edged lower in India and abroad today, a day after data showed inventories in the US rose in the week ended Friday. 

 

* The US Energy Information Administration reported on late Wednesday that crude oil stockpiles in the country rose by 2 mln barrels last week, while distillate stocks increased by nearly 3 mln bbl. 

 

* At 1817 IST:

 –June contract on the Multi Commodity Exchange of India was down 0.7% at 9,459 rupees per bbl.

 –July contract on the New York Mercantile Exchange was down 0.3% at $121.8 per bbl.

 

* However, oil prices have been hovering near three-month highs as the market continues to focus on tight supplies. Experts believe the oil market is ignoring bearish factors that is keeping prices elevated.  

 

* “The news that a new partial lockdown is on the cards again in Shanghai because of a renewed outbreak of the virus is being deliberately ignored,” Commerzbank AG said in a report. 

 

* Meanwhile, reports have claimed that the energy minister of the United Arab Emirates said oil prices were nowhere near their peak. 

 

* Outlook for the evening session by HDFC Securities: 

 –MCX contract is seen at 9,210-9,650 rupees per bbl

 –NYMEX contract is seen at $118-$125 per bbl 

 

End

 

US$1 = 77.77 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Deepshikha Bhardwaj

 

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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Source: Cogencis

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