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Saturday, January 28, 2023

India Crude: Up tracking NYMEX on likely lower Russian exports

Informist, Friday, Dec 23, 2022

 

By Sayantan Sarkar

 

MUMBAI – Crude oil prices rose in India today tracking global contracts on expectations of lower exports from Russia.

 

* According to a Reuters report, Russia’s Baltic crude oil exports could fall 10% in December after the European Union and Group of Seven countries imposed sanctions and a price cap on oil from Moscow.

 

* Analysts believe that any major drop in exports from Russia could likely boost prices further.

 

* Crude oil markets in India and abroad are likely to remain muted in the following week due to Christmas and New Year holidays.

 

* At 1701 IST:
 –On the Multi Commodity Exchange of India, the January contract was up 1.7% at 6,540 rupees per barrel.

 –The February contract on the New York Mercantile Exchange was up 1.8% at $78.91 per bbl.

 

* An Arctic Storm, which may hit the US in the next few days, has led to cancellation of several domestic flights. This is likely to lower demand for fuel in the country amid the holiday season.

 

* Investors are also likely to monitor China’s COVID-19 situation as the country is the biggest importer of crude oil in the world. New cases of the virus have surged in the country in recent weeks after Beijing eased some restrictions.

 

* Outlook for the evening session by Kotak Securities:
  –MCX contract is seen at 6,323-6,745 rupees per bbl
  –NYMEX contract is seen at $75.75–$81.35 per bbl

End

 

US$1 = 82.86 rupees

 

Edited by Ashish Shirke

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. 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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