Tag Archives: MCX Crude Oil Update

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Crude oil flat to weaker in Asia as API estimates ahead

Crude oil costs were flat to weaker in Asia on Tuesday with trade estimates of crude and refined product stocks from the yank fossil oil Institute within the U.S. ahead.
Analysts surveyed Mon by S&P international Platts expect USA crude stocks rose ten.1 million barrels. Inventories of fuel and distillation were expected to fall four million barrels and three hundred,000 barrels, severally.
On weekday, the Energy data Administration can unharness official figures.
On the the big apple Mercantile Exchange crude futures for October delivery fell zero.04% to $48.05 a barrel, whereas on London’s worldwide Exchange, brant goose was quoted flat at fifty three.84 a barrel.
Overenight, oil costs settled higher on Mon amid associate transaction in sentiment when Arabian Peninsula|Kingdom of Saudi Arabia|Asian country|Asian nation} aforementioned its oil minister control talks with counterparts over the chance of extending the supply-cut agreement on the far side March 2018.
Saudi Arabia, Opec’s factual leader and therefore the world’s largest bourgeois, aforementioned Sunday that the country’s energy minister Khalid al-Falih met together with his Venezuelan associated Kazakh counterparts to debate an extension of Opec’s supply-cut agreement.
In May, world organization and non-Opec members in agreement to increase production cuts of one.8m barrels per day for a amount of 9 months till March 2018 however rising production from the U.S., Federal Republic of Nigeria and Libya has undermined the oil cartel’s efforts to curb excess offer.
The transaction in sentiment on oil costs comes against considerations that falling U.S. oil demand might weigh down crude futures within the wake of cyclone Irma that created landfall within the U.S. over the weekend.
“We believe that Irma can have a negative impact on oil demand however not on production or process,” Emma Goldman Sachs (NYSE:GS) analysts aforementioned in an exceedingly note.
Meanwhile, monthly reports from the world organization and International each Agency due Tuesday and weekday, severally, square measure expected to produce market participants with associate update on world organization production and international demand forecasts.
Opec has two-faced criticism in recent months as investors question the oil cartel’s commitment to curb production when world organization’s compliance rate with output cuts fell to its lowest this year in Gregorian calendar month.


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Oil prices dip as traders assess U.S. hurricane impact

SEOUL (Reuters) – Oil costs edged down on Tues, as traders weighed up the wetting result on demand of cyclone Irma versus plant restarts within the wake of cyclone scientist that ought to cause additional rock oil process.
International benchmark goose crude (LCOc1) was down fourteen cents, or 0.3 percent, at $53.70 per barrel by 0530 Greenwich Mean Time from the previous shut.
U.S. West TX Intermediate (WTI) crude (CLc1) was down twelve cents, or 0.3 percent, at $47.95 a barrel.
U.S. refineries, together with the most important U.S. plant Motiva Enterprises , have began to come on-line. Motiva restarted production on Mon when being shut for concerning period as cyclone scientist ripped through the U.S. Gulf coast.
On Harvey’s heels, cyclone Irma slammed into FL on Sunday, feat over seven.4 million homes and businesses while not power, however has since been downgraded to a tropical storm.
U.S. crude inventories probably rose last week following the cyclone impact, whereas refined product stockpiles were forecast to possess declined, a preliminary Reuters poll showed.
Six analysts polled prior inventory reports from trade cluster the yankee crude Institute (API) and also the U.S. Department of Energy’s Energy info Administration (EIA) calculable, on average, that crude stocks probably rose two.3 million barrels within the week finished Sept. 8.
The API is as a result of unleash its knowledge for last week at 4:30 p.m. EDT (2030 GMT) on Tues and also the EIA report is scheduled at 10:30 a.m. EDT on Wednesday.
“The market is craving for a big integrate oil inventories,” aforesaid Ric Spooner, chief analyst at CMC Markets in state capital. “That’s not shocking given the disruption of refineries as consequences of hurricanes therefore i suppose there is a little bit of caution here.”
As mixed market indicators unbroken oil costs in an exceedingly vary, blood corpuscle Capital Markets aforesaid in an exceedingly note that it expected “WTI and goose to average $49.30 and $52.50 per barrel this year before increasing to average $53 and $55.50 a barrel next year.”
Amid persistent glut considerations, Saudi Energy Minister Khalid al-Falih had talks along with his Venezuelan, Kazakh counterparts concerning the chance of extending provide cuts on the far side March 2018.
“Reports of AN extension of this production cut agreement continued to swirl round the market,” ANZ bank aforesaid in an exceedingly note.
The Organization of the crude exportation Countries (OPEC), of that Asian nation is that the actual leader, and different producers together with Russia, have in agreement to curb their output by around one.8 million barrels per day till next March.
OPEC’s secretary-general Muhammad Barkindo aforesaid on Mon the provision cut deal was expected to assist the world oil market rebalance and powerful demand may additional cut back oil inventories.


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Oil edges up as Saudis discuss extending supply cut

TOKYO (Reuters) – Oil costs edged abreast of weekday when the Saudi oil minister mentioned probably extending a treaty to chop international oil provides on the far side March 2018 together with his Venezuelan and Kazakh counterparts.
News of the talks on Sunday helped offset downward pressure on oil costs amid worries that energy demand would be hit exhausting by cyclone Irma and its aftermath.
The cyclone knocked out power to almost four million homes and businesses in Everglade State on Sunday. it’s forecast to weaken to a tropical storm over northern Everglade State or southern Georgia shortly weekday.
U.S. crude for Gregorian calendar month delivery (CLc1) was up forty one cents, or 0.9 percent, at $47.89 a barrel by 0648 UT1, having tumbled three.3 % on Friday.
London goose crude for Nov delivery (LCOc1) was up thirty cents, or 0.6 percent, at $54.08, having settled down one.3 percent.
“The oil market reacted to the Saudi talks,” aforementioned Tomomichi Akuta, senior economic expert at Mitsubishi UFJ analysis and Consulting in Yedo. “The visit U.S. oil purification is additionally to be offset by higher process at different nations, thus worries over a considerable cut in crude demand ar weakening.”
Hurricane scientist – that hit fortnight past – pushed the U.S. plant use rate to a seven-year low, however for the most part spared oil and organic compound plants on the U.S. seashore from important harm. Some units ar currently restarting when shutdowns previous or throughout the sooner storm.
Motiva Enterprises was commencing the massive crude unit – a trifle quite fifty % of capability – at its Port Arthur, Texas, plant on Sunday, per a supply at home with plant operations.
OPEC and different producers, as well as Russia, have united to cut back crude output by concerning one.8 million barrels per day through the top of next March in a very bid to cut back international oil inventories and support oil costs.
The Saudi energy ministry aforementioned Energy Minister Khalid al-Falih united together with his Kazakh counterpart that the choice to increase the rebalancing effort would be thought-about in due course.
Elsewhere, Islamic Republic of Iran can reach AN production rate of four.5 million barrels per day (bpd) at intervals 5 years, a senior Iranian trade official aforementioned on Sunday. Islamic Republic of Iran has been manufacturing around three.8 million bpd in recent months.
Saudi Arabia on weekday additionally suspended any dialogue with Qatar, inculpatory it of “distorting facts”, simply when a report of a telephony between the leaders of the 2 countries prompt a breakthrough within the dispute that additionally involves the United Arab Emirates, Egypt and Bahrain.


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Oil prices rebound as Irma weakens

Oil costs started the week on associate upbeat note on Mon, once cyclone Irma stricken the U.S. southeast with less force than once feared, easing worries that energy demand would be hit exhausting.
U.S. West Lone-Star State Intermediate (WTI) crude futures rose forty cents, or around zero.9%, to $47.88 a barrel by 3:10AM ET (0710GMT).
The U.S. benchmark tumbled $1.61, or 3.3%, on Friday, reflective concern over reduced demand as U.S. refineries saw a slow recovery from flooding because of storm system scientist.
It was the largest daily loss since July, however costs still finished the week up nineteen cents, or 0.4%, to get their initial weekly gain in six weeks.
Meanwhile, brent goose crude futures, the benchmark for oil costs outside the U.S., tacked on twenty seven cents, or roughly zero.5%, to $54.05 a barrel.
The global benchmark finished last week with a gain of $1.03, or around one.9%, once rising to a over four-month high of $54.87 on weekday.
Elsewhere, fuel futures inched up zero.4 cents, or 0.2%, to $1.651 a gallon, whereas fossil fuel futures rallied three.3 cents, or 1.1%, to $2.923 per million British thermal units.
Irma hit Florida on Sunday morning as a dangerous class four storm, the second highest level on the five-step Saffir-Simpson scale, however by afternoon because it barreled up the West Coast, it weakened to a class a pair of with most sustained winds of a hundred and ten miles per hour (177 kph).

t is forecast to weaken to a tropical storm over northern Florida or southern Georgia soon Mon.
Prices received another boost amid reports that the Saudi oil minister mentioned probably extending a treaty to chop world oil provides on the far side March 2018 along with his Venezuelan and Kazakh counterparts on Sunday.
OPEC and alternative producers, as well as Russia, have united to scale back output by concerning one.8 million barrels per day till next March in an exceedingly bid to scale back world oil inventories and support oil costs.
A further extension for a minimum of 3 a lot of months on the far side March is currently being mentioned before global organization meets once more in Gregorian calendar month.
In the week ahead, market participants can eye contemporary weekly data on U.S. stockpiles of crude and refined merchandise on Tues and Wed to any weigh what the impact of recent storm activity was on offer and demand.
Oil traders also will specialize in monthly reports from the Organization of fossil oil mercantilism Counties and therefore the International Energy Agency to assess world oil offer and demand levels. the information can offer traders a higher image of whether or not a world rebalancing is going down within the oil market.


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Oil struggles, gasoline pulls back as refineries restart after Harvey

Oil costs struggled on weekday, whereas hydrocarbon futures slouched on signs that the injury from storm system doc to the seashore energy infrastructure wasn’t as unhealthy as at the start feared.
Aside from offer and demand, investors conjointly closely followed developments within the U.S.-North Korean Peninsula standoff.
The U.S. West American state Intermediate crude Oct contract was at $47.31 a barrel by 3:15AM ET (0715GMT), very little modified on the day. U.S. crude futures slipped to their fifth-straight weekly loss last week, ending down fifty eight cents, or nearly one.2%.
Meanwhile, brent goose oil for Gregorian calendar month delivery on the ICE commodities exchange in London declined thirty seven cents, or 0.7%, to $52.38 a barrel.
Elsewhere, hydrocarbon futures for Oct sank five.3 cents, or roughly third, to $1.690 a gallon. It rallied to a biennial high of $2.139 last weekday on fears of offer shortages.
About 5.5% of the U.S. Gulf of Mexico’s boring, or 96,000 barrels of daily output, remained shut on Sunday once storm system doc created landfall in American state quite every week past, the federal Bureau of Safety and Environmental social control aforesaid.
Affected output is down considerably from the height of around twenty fifth, or 428,568 bpd, on Aug. twenty six as exhausted employees came and activity resumed.
Meanwhile, 2 key fuel pipelines were set to start out informed weekday once bound segments in American state were shut thanks to doc, serving to alleviate issues concerning rising retail costs and therefore the domestic distribution of hydrocarbon and distillates.
Still, several analysts say it might take months before the U.S. rock oil trade absolutely recovers from doc.
In the week ahead, market participants can eye recent weekly data on U.S. stockpiles of crude and refined merchandise on weekday and weekday to weigh what the impact of doc was on offer and demand.
The reports pop out in some unspecified time in the future later than usual as a result of the U.S. legal {holiday|national holiday} holiday on weekday.


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Crude Oil Under Short Covering; Support Seen At 2971

Technically crude market is below trading as market has witnessed visit open interest by -25.28% to settle at 17231.
Now MCX crude is obtaining support at 2971 and below same may see a check of 2905 level, and resistance is currently probably to be seen at 3075, a move on top of may see costs testing 3113.
Crude oil on MCX settled up a pair of.74% at 3038 whereas still costs were down 6 June 1944 for the month, taking back recent losses once support seen within the wake of cyclone Dr. that has discontinuous works operations on the TX coast.
Also support seen once the USA Energy Department’s unleash of one million barrels every day from the Strategic fossil fuel Reserve. The U.S. Department of the Interior’s Bureau of Safety and Environmental social control same that roughly thirteen.5 p.c of production within the Gulf of United Mexican States was conjointly skirt on weekday.
The U.S. government broached its strategic oil reserves for the primary time in 5 years on weekday, cathartic one million barrels of crude to a operating works in American state. Traders were conjointly scrambling to send fuel to the us.

U.S. crude stocks fell sharply last week when refineries hiked output within the run up to Harvey’s approach, the Energy data Administration same. that ought to encourage OPEC and non-OPEC members that try to limit provides to spice up costs that area unit regarding [*fr1] the amount of 3 years past.
Output from the Organization of fossil fuel commerce Countries (OPEC) in August fell one hundred seventy,000 bpd from a 2017 high, a survey found, as revived unrest cut provides in Socialist People’s Libyan Arab Jamahiriya and alternative members stepped up compliance with their production-cutting traumatize non-OPEC countries as well as Russia.
But market rebalancing could take longer than expected if production comes back within the us and refiners cannot feed that output into flooded refineries.
Trading Ideas:
–Crude oil commercialism vary for the day is 2905-3113.
–Crude oil costs bounced off lows however markets continued to weigh the impact of Tropical Storm Dr. on offer and demand.
–The U.S. government broached its strategic oil reserves for the primary time in 5 years, cathartic one million barrels of crude to a operating works in American state.
–U.S. crude stocks fell sharply last week when refineries hiked output within the run up to Harvey’s approach, the Energy data Administration same.


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Crude dips, petrol spikes as floods knock out virtually 1 / 4 people refineries

Oil costs swaybacked on weekday however petrol spiked to its highest since mid-2015 as flooding within the wake of cyclone man of science knocked out virtually 1 / 4 of U.S. refineries, crimping demand for crude however raising fears of fuel shortages.

Harvey, that has been downgraded to a storm, has caused huge floods across coastal Lone-Star State, together with in Houston. it’s currently going in Louisiana, wherever a lot of floods area unit expected.

“Catastrophic and dangerous flooding continues in southeastern Lone-Star State and parts of southwestern Louisiana,” the National cyclone Center (NHC) aforementioned in its latest note.

U.S. West Lone-Star State Intermediate (WTI) crude futures were at $46.35 per barrel at 0644 UT, down nine cents from their last shut. brent goose crude futures were down six cents, at $51.94 a barrel.

In the refined product market, worth movements are a lot of dramatic.

U.S. petrol costs were over three % higher at $1.8380 per gallon. costs earlier climbed to the foremost since July thirty one, 2015, at $1.842. Diesel futures additionally jumped, gaining 1.2 % to $1.6854 a barrel and were earlier at their highest since January. 9 at $1.697.

“As of August twenty nine, we tend to estimate U.S. processing production offline was four.1 million barrels per day (bpd); this represents twenty three % of total U.S. processing production,” Goldman Sachs aforementioned during a note to purchasers.

Goldman additionally aforementioned around one.4 million bpd of crude production was discontinuous , similar to fifteen % of total U.S. output.

The NHC aforementioned successive twenty four hours would stay dangerous.

“There could be a danger of dangerous inundation, from rising water moving landlocked from the outline, throughout successive twelve to twenty four hours,” the NHC aforementioned, adding that six to twelve inches of rain might fall in region Lone-Star State and southwestern Louisiana.

The largest works within the us, Motiva Enterprises’ 603,000 barrel-per-day (bpd) plant in Port Arthur, Texas, was motility down on weekday night attributable to flooding.

Preparing for a lot of rain and floods, Total cut production in 0.5 at its 225,500 bpd works, additionally in Port Arthur.

Restarting plants even underneath sensible conditions will take weeks.

Harvey has additionally delayed loading of liquefied fossil fuel (LNG) at Cheniere’s Sabine River Pass in Louisiana, the only U.S. LNG export terminal.

Beyond the impact of man of science, the yank crude oil Institute (API) aforementioned on weekday that U.S. crude inventories fell by five.780 million barrels last week, associate degree indicator that the U.S. oil market is step by step adjustment.

The figures, however, don’t replicate the impact from man of science. Government knowledge for last week is owing to be revealed by the Energy data Administration (EIA) soon weekday.

Traders aforementioned that EIA knowledge would take weeks to totally replicate the impact of the storm and floods.


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Crude oil prices slip, gasoline futures trade higher

Oil costs softened lower on weekday as in progress disruptions from Tropical Storm doc unbroken refineries from shopping for crude, advisement on demand however prompting fears over fuel shortages.

U.S. crude was down twenty seven cents or zero.6% at $46.16 a barrel by 04:30 AM ET (08:30 GMT), shortly from Monday’s one-month trough of $45.77.
Global benchmark goose futures were at $51.35 as barrel, off thirty one cents or zero.56%.
Some refiners in Corpus Christi that finish off prior to the storm were wanting to restart, however significant rains were expected to last through weekday, adding to harmful flooding.
The National Weather Service aforementioned the storm has set a precipitation record for tropical cyclones in American state.
But even refineries that area unit ready to restart could expertise difficulties obtaining enough oil provides.
Ships carrying oil area unit still unable to enter American state ports, whereas producers in south American state World Health Organization finish off operations area unit solely setting out to work up and a few pipelines that carry provides to refineries area unit still shut.
U.S. gas futures were higher, rising 0.62% to $1.6302.
Prices spiked to a biennial peak of $1.8180 on weekday once Motiva Enterprises aforementioned it had been move down the nation’s largest industrial plant attributable to flooding.
Oil and fuel costs have diverged since the storm began amid fears over fuel shortages.
Investors were starting to flip their attention to the weekly oil inventory report from the U.S. government, with analysts expecting to ascertain another decline in stockpiles.
The yank crude oil Institute, AN business cluster, aforementioned late weekday that U.S. crude inventories fell by five.780 million barrels last week, indicating that the U.S. oil market is bit by bit adjustment.


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Crude oil mixed in Asia as U.S. benchmark down on Harvey impact

Crude oil costs were mixed in Asia on Mon within the aftermath because the U.S. benchmark was hit by initial weaker demand expectations when the large hit taken to U.S. coast output and refineries from cyclone doc and innings flooding upcountry in Texas.
The U.S. West Texas Intermediate crude Gregorian calendar month contract fell zero.36% to $47.70 a barrel. Elsewhere, on the ICE forward market in London, brent goose oil for Gregorian calendar month delivery gained zero.40% to $52.19 a barrel.
Hurricane doc has knocked offline ~22% of Gulf of United Mexican States production, or nearly 380M bbl/pay out of one.75M, and ~26% of gas output, or 828M cf/day out of three.22T, in keeping with the U.S. Department of the Interior’s Bureau of Safety and Environmental social control.
In the processing sector, most Texas coast processing and shipping is shut or curtailed. Exxon Mobil (NYSE:NYSE:XOM) closed its Baytown industrial plant at the Houston Ship Channel – the second largest industrial plant within the U.S., with production capability of 560K bbl/day – because of severe flooding.
Royal Dutch Shell (LON:LON:RDSa) (RDS.A, RDS.B) says its 325K bbl/day ruminant Park industrial plant and mill complicated is also shut for every week, Petrobras (NYSE:PBR) shut its 112K bbl/day Pasadena plant, and Phillips sixty six (NYSE:NYSE:PSX) shut its 247K bbl/day Sweeny industrial plant.
All Corpus Christi refineries already were closed, that the Houston plant closures compound worries concerning fuel shortages may|that would|that might} develop as rain continues; long-run industrial plant outages could cause fuel shortages and sharply higher gasolene costs round the U.S.
Houston is also the start line of the large Colonial Pipeline that takes gasolene, diesel and jet fuel as so much north as big apple, however operations had not been affected as of this afternoon; Shell is one in all Colonial\’s partners.
Last week, oil costs concluded higher on Friday, as cyclone doc vulnerable to disrupt production and industrial plant activity on the coast.
Prices received extra support when associate degree update from field services firm Baker Hughes showed its weekly count of oil rigs operative within the U.S. fell for the second time in row, by four rigs to a complete of 759.
The weekly rig count is a very important measuring system for the drilling business and is a proxy for production and oil services demand.


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Crude prices move higher as markets brace for Hurricane Harvey

Crude oil costs captive higher on weekday, as energy firms force staff from offshore oil platforms and halted onshore drilling in south Texas in preparation for cyclone doctor.

The U.S. West Texas Intermediate crude Gregorian calendar month contract was at $47.76 a barrel by 06:30 a.m. ET (10:30 GMT), up around thirty three cents or zero.70%.
Brent oil for October delivery on the ICE commodity exchange in London advanced thirty five cents or zero.67% to $52.38 a barrel.
Oil costs reinforced as markets ready for potential output disruptions as cyclone doctor headed for the center of the U.S. refining industry within the Gulf of North American country.
The storm has intense since weekday and will doubtless be the largest cyclone to hit the U.S. terra firma in twelve years. it’s presently taking aim between Houston and Corpus Christi on the coast of Texas.
The trade goods was hit earlier within the week when the U.S. Energy info Administration aforesaid domestic crude production rose to its highest level since July 2015, though crude inventories fell for the eight consecutive week.
Oil costs have conjointly been fraught in recent weeks despite efforts semiconductor diode by the Organization of the oil mercantilism Countries (OPEC) to limit production so as to spice up costs.
OPEC and ten producers outside the syndicate, together with Russia, in agreement since the beginning of the year to slash one.8 million barrels per day in provide till March 2018 so as to cut back a worldwide provide glut and rebalance the market.
So far, the deal has had very little impact on world inventory levels attributable to rising provide from producers not taking part within the accord, like African country and Nigeria, additionally as a relentless increase in U.S. sedimentary rock output.
Elsewhere on Nymex, petrol futures for Gregorian calendar month were up zero.3 cents or roughly one.87%, to $1.714 a gallon, whereas Gregorian calendar month fuel gained zero.2 cents or one.34% to $1.643 a gallon.
Natural gas futures for Gregorian calendar month delivery born regarding zero.1 cent or zero.51% to $2.934 per million British thermal units.


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