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India Crude: Down tracking NYMEX as traders focus on China lockdowns

Informist, Monday, Oct 31, 2022


By Sayantan Sarkar


MUMBAI – Crude oil prices in India and abroad fell today as investors focused on strict COVID-19 lockdowns in China and poor economic data, which are likely to hurt domestic consumption. 


* Factory activity in China, the biggest importer of crude oil in the world, unexpectedly dropped October, according to reports. Factory activity fell as the country had been coping with strict lockdowns to curb COVID-19 infections.


* However, analysts say oil prices are likely to gain support from the fact that the Organization of the Petroleum Exporting Countries and its allies are set to cut 2 mln barrels of oil from global supply, starting Tuesday. 


* “In addition to this, there is still plenty of uncertainty over the full impact of the EU ban on Russian seaborne crude oil, which comes into force on 5 December,” Warren Patterson, head of commodities strategy, said in a report. 


* At 1830 IST:
 –October contract on the Multi Commodity Exchange of India was down 0.6% at 7,175 rupees per bbl.

 –November contract on the New York Mercantile Exchange was down 1.8% at $86.26 per bbl.


* From Nov 1, after OPEC implements output cuts, global oil markets would have supply deficits of 2 mln bpd, which will continue to support oil prices, said Manoj Jain, research head at Prithvi Finmart.


* Outlook for the evening session:
  –MCX contract is seen at 6,980-7,330 rupees per bbl
  –NYMEX contract is seen at $85.40-$89.60 per bbl




US$1 = 82.78 rupees

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


Edited by Avishek Dutta


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Source: Cogencis

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