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Wednesday, March 29, 2023

India Crude:Down as rupee firm; up on NYMEX ahead of EU’s Russia ban

Informist, Friday, Feb 3, 2023


By Sayantan Sarkar


MUMBAI – Crude oil futures on the Multi Commodity Exchange of India fell today as the rupee appreciated against the dollar. A stronger rupee makes commodities priced in the greenback cheaper for imports. 


* Oil contracts on the domestic exchange also fell, tracking those on the New York Mercantile Exchange earlier in the day. Crude prices on the NYMEX fell earlier today as the dollar rose against a basket of major currencies. 


* However, oil prices on the NYMEX recouped all losses and traded in the green as the market focused on the European Union’s ban on Russian oil products, which is set to kick in over the weekend. 


* The ban is likely to tighten the oil market in the coming months as Russia supplies a considerable amount of oil products to Europe and the Western world.


* At 1536 IST:
 –February contract on the Multi Commodity Exchange of India was down 1.0% at 6,259 rupees per barrel.

 –March contract on the New York Mercantile Exchange was up 0.4% at $76.17 per bbl.


* Even as Russia’s supplies are set to be banned by the EU, Moscow has been able to find new markets in Asia, especially China and India and other parts of the world such as Turkey, Brazil and Morocco. “Shortly before the EU’s embargo on oil products comes into force this weekend, Russia appears to have been able to step up its diesel shipments once again,” Commerzbank AG said in a report. 


* “The loading plans for February point to very robust exports from Russia’s three western export terminals at the Baltic Sea and Black Sea,” the German bank said. ” It remains to be seen whether the loading plans will be affected by the EU embargo and price cap that will come into effect on 5 February.”


* Meanwhile, investors will also monitor the release of the US non-farm payroll figures and unemployment data for last month. Positive numbers are likely to support crude oil prices. 


* Outlook for the evening session by Angel One Commodities:
  –MCX contract is seen at 6,150-6,480 rupees per bbl  

  –NYMEX contract is seen at $74.40–$77.30 per bbl




US$1 = 81.83 rupees

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


Edited by Vidhi Verma


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Source: Cogencis

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