Tag Archives: MCX Crude Oil Update

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Oil prices stable as OPEC-led supply cuts tighten market, but some caution remains

SINGAPORE (Reuters) – Oil costs were stable early Tuesday, supported by a alteration market owing to in progress OPEC-led efforts to chop provides, though the prospect of rising U.S. sedimentary rock output dragged.

Brent crude futures, the international benchmark for oil costs, were at $60.78 per barrel at 0343 Greenwich Time. That was twelve cents below their last settlement, however still shortly off the best level since July 2015 reached earlier in the week and up some thirty seven % since their 2017-lows last June.
U.S. West TX Intermediate (WTI) crude futures were at $54.05 a barrel, ten cents below their last shut. however that was still close to their highest level since February and up around twenty eight % since 2017-lows marked in June.
Despite typically upbeat market sentiment, some analysts were cautious once many days dominated by robust value rises.
“U.S. sedimentary rock output may keep a lid on costs over the medium to long-run,” aforementioned Shane Chanel, equities and derivatives consultant at ASR Wealth Advisers.
WTI’s $6.7 per barrel discount to brant goose could be a results of rising yank crude production, that is up virtually thirteen % since mid-2016 to nine.5 million barrels per day (bpd), making U.S. crude exports extremely profitable.
There are technical chart indicators that warrant caution, analysts aforementioned.
“The relative strength indexes (RSI) on each contracts square measure at overbought levels. These may leave oil liable to short-run corrections lower,” aforementioned Jeffrey stargazer, senior analyst at future brokerage OANDA.
An RSI could be a commercialism momentum indicator within which a price of over seventy points is seen to be overbought. Brent’s current RSI is at seventy.12 points.
The optimistic market has been fueled by a trial light-emitting diode by the Organization of the fossil oil commercialism Countries (OPEC) and Russia to carry back concerning one.8 million barrels per day (bpd) in drilling to tighten markets and sustain costs.
The accord runs to March 2018, however Asian nation and Russia have voiced support to increase the agreement.
OPEC is scheduled to satisfy formally at its headquarters in national capital, Austria, on Nov. 30.
“The worry of oversupply may simply intercommunicate a worry of undersupply if inventories keep declining like they need been and demand continues to grow,” aforementioned William O’Loughlin, investment analyst at Rivkin Securities.


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Crude Oil Gains In Asia As Market Looks Ahead To API Estimates

Crude oil costs gained in Asia on Tues because the market looked ahead to business estimates on U.S. inventories.
On the big apple Mercantile Exchange crude futures for Gregorian calendar month delivery rose zero.10% to $51.95 a barrel, whereas on London’s worldwide Exchange, brent goose gained zero.05% to $57.40 a barrel.
Later Tues, the yank crude Institute can report its estimates of U.S. crude and refined product stocks to be followed on Wed by officiald ata fromt he Energy data Administration (EIA).
Analysts expect a a pair of.5 million barrels call in crude stocks and a one.9 million barrels decreasem in distillates and fuel inventories off by one.9 million barrels.
Overnight, petroleum costs settled higher on Monday as signs of adjustment in U.S. drilling activity raised sentiment whereas current political tensions within the Republic of Iraq continuing to disrupt crude provides.
Crude oil costs terminated the session on the front foot as traders cheered news suggesting oil exports from Northern {iraq|Iraq|Republic of Republic of Iraq|Al-Iraq|Irak|Asian country|Asian nation} born sharply amid current political unrest in Northern Iraq.
As of Sunday, oil exports from Iraq’s Kurdistan via the Turkish Mediterranean port of Ceyhan continuing to come back stressed, flowing at sharply reduced rates between two hundred,000 and 250,000 barrels per day, Reuters reported , citing 2 shipping sources.
The transaction in political tensions in Northern Republic of Iraq follows conflict between Iraqi and Kurdish forces last week, as Kurdish forces people from Northern elements of Republic of Iraq, relinquishment management of 2 major oilfields.
That more to positive sentiment on oil costs amid signs of a call in U.S. drilling activity. Baker Hughes on weekday aforesaid the quantity of active U.S. oil rigs declined for a 3rd straight week.
Analysts at Commerzbank (DE:CBKG), however, warned that drilling activity might devour pace “in the approaching months”, and expected costs of each brent goose and petroleum to “correct” within the short term.
Expectations of a rise in output has unsuccessful, however, to sadden sentiment as knowledge showed traders exaggerated their optimistic bets on petroleum futures last week.
Net optimistic bets on petroleum rose to 429,500, per a report from the artifact Futures mercantilism Commission (CFTC) on weekday.


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Crude Oil Gains In Asia After API Estimates Offer Support

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haven’t any text to check? haven’t any text to check? Click “Select Samples”.Crude oil costs gained in Asia on Wednesday as trade estimates of U.S. inventories showed an outsized that expected drop by crude, although product showed gains over expected declines.
On the ny Mercantile Exchange crude futures for Nov delivery rose zero.42% to $52.10 a barrel, whereas on London’s intercontinental Exchange, brant adscititious zero.29% to $58.28 a barrel.
Crude oil inventories fell by seven.130 million barrels, the yank crude oil Institute (API) aforementioned oin Tues, quite expected as fuel stocks rose by one.94 million barrels and distillates gained one.64 million barrels missing expectations of declines.
The oil storage hub at brain doctor, Oklahoma, showed a drop of 151,000 barrels.
The API estimates are going to be followed by official information on Wednesday from the Energy info Administration (EIA).
Crude oil inventories were seen down by four.750 million barrels, whereas fuel stocks ar seen down by one.0 million barrels and distillates off by one.5 million barrels. The API and EIA figures typically diverge.
Overnight, fossil fuel costs settled flat on Tues as expectations of a increase in U.S. production weighed on sentiment whereas easing conflict in Northern Asian nation between Iraqi and Kurdish forces lessened considerations over potential provide disruptions within the region.
Crude oil costs came fraught on revived oversupply considerations following information indicating that U.S. producers can increase output.
A monthly report from the Energy info Administration free weekday showed expectations for an increase of eighty one,000 barrels daily to six.12 million barrels daily in oil production from seven key U.S. sedimentary rock regions in Nov.
The recent dealings in crude costs higher than $50 a barrel is wide viewed as associate degree incentive for sedimentary rock producers as it’s the value level at that they’ll increase output.
Also advisement on the crude costs was a fall in political science tensions in Northern Asian nation because the threat of current fighting between Iraqi and Kurdish forces relieved when Kurdish forces force out of controversial areas in region.


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MCX Commodity Support & Resistance

MCX Commodity Support & Resistance

MCX Trading as per Support and Resistance Levels is also quite helpful for daily commerce in mcx commodities.

Resistance is termed because the level wherever the artefact usually gets some opposite force before it will go more up.
trading Support is that the level wherever a stock get shopping for interest before it will fall more.
Under the traditional MCX Market conditions or within the absence of some extraordinarily panic news the support and therefore the resistance levels will act nearly as good levels for initiating the buying and selling.
In general, it’s suggested to shop for the stock at support levels and sell at resistance levels.
In Intraday, there square measure few support and resistance levels called  1 Support , 2 Support , 1 Resistance , 2 Resistance , etc.

Intraday MCX Crude Oil & MCX Natural Gas  Support and Pivot Level.

Date : 18-10-2017

Commodity Sup 2 Sup 1 Pivot Res 1 Res 2
MCX Gold 29416 29505 29658 29747 29900
MCX Silver 39445 39603 39886 40044 40327
MCX Crude 3296 3326 3359 3389 3422
MCX Natural Gas 183.93 188.47 192.63 197.17 201.33
MCX Copper 454.42 456.68 460.37 462.63 466.32
MCX Nickel 748.07 754.73 758.87 765.53 769.67
MCX Lead 159.42 160.28 162.42 163.28 165.42
MCX Zinc 193.57 197.23 202.92 206.58 212.27
MCX Aluminium 136.23 136.97 137.78 138.52 139.33

Follow disclaimer : http://www.crudeoperator.com/disclaimer


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Stocks- U.S. Futures Point to Wall Street Gain

Investing.com – U.S. futures pointed to a positive gap bell on weekday, despite political turmoil in European nation.
The S&P five hundred futures was up one purpose or zero.04% as of 6:15 AM ET (11:15GMT) whereas Dow futures rose nine points or zero.15%. technical school significant NASDAQ a hundred futures hyperbolic twenty one points or zero.09%.
Among the most important winners before the morning bell was establishment HSBC Holdings (LON:HSBA) PLC ADR (NYSE:HSBC), that hyperbolic zero.14% and mining firm AngloGold Ashanti Ltd ADR (NYSE:AU), that jumped four.23%. Meanwhile, Chinese e-commerce big Alibaba (NYSE:BABA) ticked up zero.14% when it declared it might open seven analysis and development centers in China, Russia, the U.S., Singapore and Israel.
The U.S. arm of Spanish bank Santander (MC:SAN) was among the highest losers in pre-market trades, falling 1.82% amid political uncertainty. Lloyds Banking cluster (LON:LLOY) PLC ADR (NYSE:LYG) was down zero.56% as a case over the firm’s HBOS takeover throughout the money crisis is due in court in the week.
Tesla (NASDAQ:TSLA) slide zero.41% amid reports that the luxurious auto company had unemployed many workers for failing to satisfy targets.
In economic news, the the big apple New York producing index comes out at 8:30 AM ET (1:30 PM GMT).
Before the morning bell, investment firm Charles Schwab (NYSE:SCHW) and news cluster McClatchy Co (NYSE:MNI) area unit expected to unleash their earnings. Video streaming website Netflix (NASDAQ:NFLX) is anticipated to unleash its earnings when the markets shut. Its shares hyperbolic one.12% in pre-market commercialism.
Meanwhile in Europe the Capra ibex thirty five fell zero.70% when Catalan President Carles Puigdemontcalled for talks with European nation. The central government has given the region till weekday to make a decision whether or not or to not declare independence, that it says would be smuggled.
In France, the CAC forty rose zero.15% whereas Germany’s DAX hyperbolic zero.17% and London’s FTSE a hundred affected up zero.11%. The pan-European monetary unit Stoxx fifty was down zero.03%.
In commodities, gold futures rose to $1,306.94 an oz, whereas fossil oil jumped to $52.16 a barrel. The U.S. greenback index, that measures the buck against a basket of six major currencies, hyperbolic to ninety three.09.


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Oil drops on rising U.S. crude inventories, OPEC seen to extend cuts

By Henning Gloystein
SINGAPORE (Reuters) – Oil costs alleviated on Th as U.S. fuel inventories rose despite efforts by oil cartel to chop production and tighten the market.
U.S. West Lone-Star State Intermediate (WTI) crude futures (CLc1) were commerce at $51.08 per barrel at 0112 UT1, down twenty two cents, or 0.4 percent, from their last settlement.
Brent crude futures (LCOc1), the international benchmark for oil costs, were at $56.62, down thirty two cents, or 0.6 percent, from the previous shut.
Starting this year, the Organization of the crude mercantilism Countries (OPEC) and different producers together with Russia in agreement to chop output by one.8 million barrels per day (bpd) to shore costs.
The OPEC-led deal helped elevate oil from the $30-$40 per barrel point late 2016/early 2017. however traders say provides stay ample despite these cuts, thanks in massive half to billowy U.S. production .
As a result, oil cartel is wide expected to increase the cuts on the far side the present expiration date of end-March 2018.
“OPEC does not very have a alternative however to increase cuts unless they are happy to risk sub-$40 per barrel costs once more,” aforesaid David Maher, decision maker for energy at artefact businessperson RCMA cluster in Singapore.
With current OPEC-led provide cuts supporting costs, however rising U.S. production capping crude, Maher aforesaid that markets would doubtless be balanced in 2018 and 2019, with brant vary-bound within the $50 to $60 per barrel range.
“Currently, the most risks to face square measure new Persia sanctions and South American country problems, whereas draw back risks square measure oil cartel cuts not being extended or poor compliance resulting in agreement breaking down, or weaker demand,” Maher aforesaid.
U.S. President Donald Trump is threatening to impose sanctions on Persia but 2 years once they were raised beneath a 2015 deal between Tehran and leading world powers following Iran’s agreement to suspend its controversial nuclear program.
In South American country, associate degree OPEC-member with vast oil reserves, associate degree economic and political crisis is threatening production, and also the government is additionally hostile with the Trump administration.
With rising U.S. production undermining OPEC’s efforts to tighten the market, inventories stay high.
In fact, U.S. crude stocks rose by three.1 million barrels to 468.5 million barrels last week, in line with business cluster the yankee crude Institute (API).
Official U.S. fuel inventory knowledge is because of be printed on Th by the Energy info Administration (EIA).
“Our updated world supply-demand balance so shows peak stock attracts in 3Q17,” nihilist Sachs (NYSE:GS) aforesaid in an exceedingly note to shoppers.
The U.S. bank aforesaid that current oil provide and demand fundamentals meant it expects brant to average $58 per barrel in 2018.


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Crude Oil Prices Drop In Asia After API Estimates, EIA Data Awaited

Oil costs fell in Asia on Th as U.S. business estimates showed a pessimistic and surprising incorporate crude inventories and capitalist hoped-for official figures.
On the ny Mercantile Exchange crude futures for Gregorian calendar month delivery born zero.55% to $51.02 a barrel, whereas on London’s worldwide Exchange, brent goose declined zero.61% to $56.59 a barrel.
U.S. petroleum stocks rose a more-than-expected three.097 million barrels at the top of last week, the yank crude oil Institute (API) aforementioned on Tuesday, whereas hydrocarbon inventories fell by one.575 million barrels and distillates gained a pair of.029 million barrels.
Supplies at the storage hub of Cushing, Oklahoma, rose by 1.216 million barrels.
Crude oil inventories weree seen down by one.8 million barrels, distillates down by a pair of.375 million barrels and hydrocarbon stocks expected to indicate a one.025 million barrels decline.
The API estimates are followed by official knowledge on Th from the Energy data Administration (EIA). The API and EIA figures typically diverge.
Overnight, petroleum costs settled higher on Wednesday once global organization aforementioned demand for oil is ready to extend in 2018 raising capitalist expectations that higher demand can rein in excess provides.
In its monthly report, the Organization of the crude oil commerce Countries (Opec) indicated that market rebalancing can continue amid forecasts that world oil demand can rise by around thirty,000 barrels every day for this year and 2018.
The upbeat forecast for oil demand growth, however, was offset by an increase in global organization production by ninety,000 barrels every day, refueling issues that global organization compliance with the deal to curb output is beginning to wane.
In May, global organization and non-Opec members united to increase production cuts for a amount of 9 months till March 2018, however stuck to production cuts of one.8 million bpd united in Gregorian calendar month last year.
Meanwhile within the U.S., the Energy data Administration raised its crude-oil value forecasts for 2018 despite expectations of a rise in domestic production. For 2018, The EIA forecasts crude costs around $50.57, up a pair of from the previous outlook and production to extend zero.8% to 9.92 million barrels every day.
Barclays (LON:BARC) (LON:BARC) revised upwards its outlook on brent goose crude costs for the primary quarter of 2018 by $5 to $56 a barrel, noting that the market has shifted from “build mode to draw mode”.


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Crude Oil Prices Up In Asia As Market Looks To API Estimates

crude oil report

Crude oil costs gained in Asia on Wednesday previous trade estimates of U.S. inventories as refineries in American state pass though hurricane-related shutdowns.
On the ny Mercantile Exchange crude futures for Nov delivery rose zero.27% to $51.06 a barrel, whereas on London’s intercontinental Exchange, brant gained zero.11% to $56.67 a barrel.
Later Wednesday, the yank fossil fuel Institute (API) is to unharness its estimates of crude and refined product inventories at the top of last week, followed by official information on Th from the Energy info Administration (EIA). The API and EIA figures typically diverge.
Crude oil inventories area unit seen down by one.8 million barrels, whereas distillates area unit seen down by two.375 million barrels and gasolene stocks expected to indicate a one.025 million barrels decline.
Overnight, fossil oil costs settled sharply higher on Tuesday once actual world organisation leader Asian country vowed to scale back monthly crude exports amid expectations that market rebalancing is current.
Crude oil costs had their best day in period as sentiment turned positive once Asian country pledged to chop its Nov fossil oil exports by seven-membered or 560,000 barrels daily, compared with constant amount last year so as to strengthen the market rebalancing method.
The gap between provide and demand in oil markets is predicted to slender additional within the returning months amid a surge in international demand growth that has upraised oil costs on top of $50 a barrel.

“The strongest international demand growth we’ve got seen in a minimum of the last 2 years, if not longer, gets a number of the credit it seems that [the Organization of the fossil fuel commercialism Countries] sees the glut of oil virtually gone,” same Phil Flynn, senior analyst at worth Futures cluster.
The dealings in fossil oil costs, however, fuelled fears of a rise in oil production that becomes profitable at regarding $50 per barrel.
OPEC’s Secretary-General Mohammed Barkindo on Tuesday wanted to allay capitalist fears, job on U.S. sedimentary rock producers to require responsibility and facilitate cut international excess provides within the oil market.
“We urge our friends within the sedimentary rock basins of North America to require this shared responsibility with all the seriousness it deserves, mutually of the key lessons learned from this, distinctive supply-driven cycle,” Barkindo same.
Barkindo’s comments return previous a monthly world organisation report due Wednesday.


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Stocks- U.S. Futures Point to Higher Opening

U.S. futures rose weekday morning, inform to a better gap on Wall Street as government uncertainty rattles European stocks.
The S&P five hundred futures increased 3 points or zero.13% as of 6:09 AM ET (11:09 GMT) whereas Dow futures were up thirty five points or zero.16%. technical school serious National Association of Securities Dealers Automated Quotations a hundred futures rose twelve points or zero.20%.
In pre-market commerce, goods firm Unilever (LON:ULVR) was among the highest gainers, jumping 1.419% once it force an ad for its Dove soap that was criticized for being racist. European phone service Vodafone cluster PLC (LON:VOD) ADR (NASDAQ:VOD) rose one.14% whereas resource firm BHP Billiton (LON:BLT) Ltd ADR (NYSE:BHP) increased one.52%.
Financial stocks were among the toughest hit before the morning bell. Bank of America (NYSE:BAC) inched down zero.12%. The U.S. arm of Spanish bank Banco Santander (MC:SAN) fell one.331% because the Catalan vote for independence continues to pull down Spanish stocks. The region is anticipated to declare its independence on weekday.
Meanwhile monetary big HSBC Holdings (LON:HSBA) PLC ADR (NYSE:HSBC) increased one.59%.
In economic news, the Redbook index, that measures sales growth of shops, comes out at 10:00 AM ET (15:00 GMT). Investors will be being attentive to Federal Reserve Bank of Minneapolis President physicist Kashkari, for any hints at a rate hike earlier than the discharge of the Federal Open Market meeting minutes, that kick off on Wednesday.
Elsewhere, European stocks dragged down amid Spanish political considerations.
Spain’s wild goat thirty five slouched zero.99 take a while monetary unit STOXX fell zero.21%. Germany’s DAX attenuated zero.11% and France’s CAC forty inched forward zero.02%. In London, the FTSE a hundred rose zero.21%.
Gold futures increased zero.66% to $1,293.33 an oz whereas oil rallied one.17% to $50.13 a barrel amid a Arabian move drilling. The USA dollar index future, that measures the dollar against a basket of six major currencies, attenuated to ninety three.20.


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OPEC Secretary General urges U.S. shale oil producers to help cap global supply

OPEC’s Secretary General Mohammed Barkindo on weekday known as on U.S. oil producers to assist curtail international oil offer, warning extraordinary measures can be required next year to sustain the rebalanced market within the medium to long run.
“We urge our friends, within the sedimentary rock basins of North America to require this shared responsibility with all seriousness it deserves, united of the key lessons learnt from this distinctive supply-driven cycle,” aforementioned Barkindo.
The comments by the Organization of the rock oil mercantilism Countries official came throughout a speech delivered at the Asian nation Energy Forum organized by CERAWeek in capital of India.
“At the instant we tend to (OPEC and freelance U.S. producers) each in agreement that we’ve a shared responsibility in maintaining stability as a result of they’re additionally not insulated from the impact of this downswing,” Barkindo aforementioned, touching on a slide in oil costs that spurred oil cartel to agree production cuts late last year.
“The decision by independents themselves (is) that we’d like to continue this interaction,” he said.
While oil cartel and a few different producers, as well as Russia have cut provides this year so as to prop costs, U.S. production has soared by nearly ten p.c this year, driven for the most part by sedimentary rock drillers. Barkindo aforementioned he hoped that new producers, not just U.S. sedimentary rock drillers, would be a part of production cuts.
On Monday, Asian country cut fossil fuel allocations for Nov by 560,000 barrels per day (bpd), in line with the kingdom’s commitment to the provision reduction accord.
“Demand-supply is returning to rebalance through huge destocking that we’ve been witnessing of stocks in OECD across regions during a} very huge approach,” Barkindo aforementioned later, talking to reporters on the sidelines of the conference.
“In the past four months alone, we’ve seen destocking to the tune of a hundred thirty million bpd,” he said.
The aim of the OPEC-led cut is to trim the amount of oil in OECD industrial countries compared with the five-year offer average. Barkindo aforementioned the stock overhang to the five-year average stood at 171 million barrels in August, against 338 million at the beginning of the year.
“The speed and pace (of destocking) has accelerated as a results of anticipated and projected demand growth within the half a pair of|of two}017 to the tune of 2 million bpd. we tend to ar witnessing a quick come back to a balanced market,” Barkindo aforementioned.
Still, on Sunday Barkindo aforementioned oil cartel and different oil producers may got to take “some extraordinary measures” next year to rebalance the oil market.
World oil demand growth in 2017 is predicted at one.45 million barrels per day (BPD) and it ought to keep around one.4 million bpd in 2018, Barkindo aforementioned. He aforementioned India’s share of worldwide oil demand is predicted to rise to over nine p.c by 2040, up from four p.c currently.


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