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India Crude: Down as supply from Druzhba pipeline to resume shortly

Informist, Wednesday, Aug 10, 2022


By Sayantan Sarkar


MUMBAI – Oil prices dropped in India and abroad today as reports claimed that crude flows from the Druzhba pipeline was about to resume shortly through Ukraine.  


* Russian company Transneft is likely to resume crude oil flows through the pipeline, which reaches Central Europe, according to reports. 


* Ukraine had suspended Russian oil pipeline flows to parts of Central Europe because Western sanctions prevented it from receiving transit fees from Moscow, Transneft said on Tuesday. 


* Hungarian energy group MOL has transferred the transit fee for the operation of the Ukraine section of the Druzhba pipeline. 


* “Crude oil prices extended losses after industry data showed US crude stockpiles grew more than expected in the past week,” said Tapan Patel, senior analyst at HDFC Securities. 


* The American Petroleum Institute reported that oil inventories in the country rose in the week ended Friday. The official inventory data by the Energy Information Administration is scheduled to be released later today. 


* At 1735 IST:
 –August contract on the Multi Commodity Exchange of India was down 1.5% at 7,114 rupees per bbl.

 –September contract on the New York Mercantile Exchange was down 1.4% at $89.22 per bbl.


* Investors are also eyeing the US consumer price inflation data, due for release later today, to gauge the rate hike trajectory by the US Federal Reserve. More rate hikes by the central bank is expected to push up borrowing costs of public, lowering demand for commodities. 


* According to a poll by Dow Jones, the US CPI inflation is expected to increase 0.3% month-on-month in July. 


* Outlook for the evening session by HDFC Securities:
 –MCX contract is seen at 7,010-7,350 rupees per bbl
 –NYMEX contract is seen at $87.00-$92.00 per bbl



US$1 = 79.52 rupees

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


Edited by Maheswaran Parameswaran



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Source: Cogencis

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