Tag Archives: MCX Crude Oil Update

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Kuwait, Saudi signal possible extension of oil cuts

OPEC is keen that non-OPEC play its half in reducing world inventories to support a worth rise that has stalled close to $55 a barrel. Crude is up from lows last year below $30.

Leading Gulf oil producers Asian nation and Kuwait gave the clearest signal nevertheless that OPEC plans to increase into the last half of the year a cope with non-OPEC producers to curb oil provides.

“I expect we are going to have Associate in Nursing extension of the agreement,” Kuwait’s oil minister Essam al-Marzouq aforesaid at a Gulf business forum with 5 different Gulf energy ministers.

“We have a clear increase in compliance from non-OPEC that shows the importance of extending the agreement,” Marzouq aforesaid.

OPEC is keen that non-OPEC play its half in reducing world inventories to support a worth rise that has stalled close to $55 a barrel. Crude is up from lows last year below $30.

OPEC meets on could twenty five to debate extending provide curbs with non-OPEC countries that total one.8 million barrels daily, simple fraction of that from OPEC.

Saudi Oil Minister Khalid al-Falih, speaking at constant event, aforesaid there was “an initial agreement” that the oil cuts might have extending to empty high world inventories. He aforesaid talks were in progress.

“Our target is that the level of inventories. this is often the most indicator for the success of the initiative,” Falih aforesaid.

While inventories control put off and in producer countries have born, they continue to be obstinately high in client regions, notably in Asia and therefore the u. s..

The International Energy Agency aforesaid last week that inventories in OECD countries were still ten % on top of the 5-year average, a key gauge for OPEC.

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Oil costs claw back ground when sharp drop, buoyed by U.S. crude stock dip

Oil costs regained some ground on weekday when steep losses the previous day, with a small come by U.S. crude inventories stoking hopes that a push to rein in international oversupply can be gathering a minimum of some momentum.

Brent crude futures were at $53.31 per barrel at 0108 Greenwich Mean Time, up thirty eight cents, or 0.72 percent, from their last shut.

U.S. West Texas Intermediate (WTI) crude futures had up thirty one cents, or 0.61 percent, to $50.75 a barrel.

Traders aforesaid that the gains came on the rear of a discount in business U.S. crude stocks, that fell by one million barrels last week to 532.34 million barrels, in line with the U.S. Energy data Administration (EIA) . However, that level was still close to a record high.

Price will increase came when each crude benchmarks fell over three.5 p.c the previous day following a report of billowy hydrocarbon inventories in addition as another rise in U.S. fossil fuel production to nine.25 million barrels per day (bpd), up nearly ten p.c since mid-2016 .

U.S. hydrocarbon stocks denote a counter-seasonal build of one.5 million barrels, despite heavier processing activity <USOILG=ECI>.

“The U.S. has currently entered a seasonal amount within which stockpiles area unit reduced throughout the summer driving season, therefore the surprising miss weighed heavily on costs,” James Wood, investment analyst with Rivkin Securities, aforesaid during a note.


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Crude Oil Fundamental Forecast – April 18, 2017

Crude oil costs closed lower on Mon as speculators took profits once a recent 15-day rally. Traders began to pare positions as external events dissipated, forcing investors to pay nearer attention to rising U.S. supply.
June West Lone-Star State Intermediate fossil oil finished the session at $53.11, down $0.49 or -0.91%. Internationally-favored Gregorian calendar month brant fossil oil settled at $55.36, down $0.53 or -0.95%.
Volume was well below average because of the long Easter break, however losses might are curtailed by upbeat economic numbers out of China.

Last week’s rally was driven by variety of things together with issues over a attainable step-up of events in Syrian Arab Republic once the U.S. bombed associate air field the week before, the motion down of a serious pipeline in African nation, reports that Asian nation was encouraging alternative oil cartel members to comply with associate extension of its program to scale back production and a report from the International Energy Agency that same international supply/demand was near being balanced.
On the pessimistic aspect of the equation were issues over increasing U.S. production. The issues is also a mix of a delayed reaction to last week’s pessimistic U.S. info Administration report and Friday’s news that the rig count had exaggerated for a thirteenth consecutive week.

While Saudi mouth associate extension last week might have underpinned the market, they actually didn’t facilitate matters a lot of on Mon once the Saudi energy minister same it absolutely was too early to debate associate extension. His comment was in response to a report that same Asian nation backed the decide to extend the oil cartel and non-OPEC decide to cut production, trim the oversupply and stabilize costs on the far side the Gregorian calendar month point.
Without any government events to draw in speculative consumers, it’s as if fossil oil doesn’t have the facility to continue the rally. all over again the market is saturated with hedge and trade goods fund longs. If they stop shopping for then costs may collapse like they did in early March.
A sustained move beneath $53.00 combined with pessimistic news may drive WTI costs into $52.00 then $50.86 over the near-term.

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MCX Crude Oil Update

Crude Oil falls once unsuccessful North Korean missile take a look at, America rig count gains

Benchmark brent goose crude futures were down forty nine cents at USD fifty five.40 at 0310 universal time. On Thu, before the break closed most major markets, they settled up three cents at USD fifty five.89 a barrel.

Crude oil fell in quiet mercantilism on Monday, when the three-day Easter break, on signs the us is constant to feature output, undermining international organisation efforts to support costs, and because the market digestible North Korea’s failing missile launch on Sunday.

Benchmark goose crude futures were down forty nine cents at USD fifty five.40 at 0310 time. On Thursday, before the break closed most major markets, they settled up three cents at USD fifty five.89 a barrel.

US West American state Intermediate crude futures were additionally down forty seven cents at U.S.A.D fifty two.71 a barrel. They rose seven cents to USD fifty three.18 on Thursday.

Both benchmarks last week rose for a 3rd consecutive week, with goose adding one.2 % over the four days before the great weekday vacation and WTI up one.8 percent.

The market was subdued to begin on with major mercantilism centre London closed for a vacation on Monday. Markets ar braced for a lot of government tensions over DPRK, when its tried launch on Sunday of a missile failing because the projectile blew up rapidly.

The us is functioning with allies and China on responses to the failing take a look at, U.S.A. President Donald Trump’s national security consultant aforesaid on Sunday.

Drillers within the us last week another rigs for a thirteenth consecutive week, in an exceedingly sign that output gains there’ll continue intense.

Energy services firm Baker Hughes aforesaid on Thursday that drillers another eleven oil rigs within the week to Apr thirteen, transferral the whole count up to 683. that’s the very best in regarding 2 years.

Increasing U.S. output is proving a continuing supply of irritation to tries by the Organization of the fossil oil commercialism Countries (OPEC) and different major oil producers to curb output and sustain a rally in costs in an exceedingly market that has been oversupplied since mid-2014.

U.S. rock oil production has climbed to nine.24 million barrels per day, in keeping with the most recent Energy info Administration knowledge. that produces the country the world’s third-largest producer when Russia and Asian country.

While compliance has been robust among international organisation countries, production cuts have lagged among different producers together with Russia. which will be getting ready to amendment, in keeping with BMI analysis.

“Non-OPEC compliance can improve over successive 2 months with Russia driving the biggest reductions in volume terms,” BMI said. “Kazakhstan is probably going to still exceed its quota given robust output from the Kashagan field.”


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MCX Crude Oil Update

As per MCX www.crudeoperator.com intraday research Mumbai base company report for :

 Oil prices surged as OPEC hinted possible output deal extension

Crude Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent. The production cuts are aimed at curbing global oversupply that has dogged markets since 2014. Yet despite action so far, inventories remain bloated and supplies high, especially in the United States. To help rebalance the market, OPEC sources told Reuters that the supply reduction pact could be extended or deepened if all major producers showed “effective cooperation”. U.S. crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened, the EIA said on Wednesday. Gasoline stocks rose 2.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 752,000-barrel drop. That pushed inventories of the fuel to a record 259 million barrels. The latest Energy Information Administration (EIA) natural gas storage data recorded a decline of 114 Billion Cubic feet (Bcf) for the week ending February 10th. This was a smaller decline than last week’s 152 Bcf decline and also significantly smaller than the expected draw of around 130 Bcf.

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MCX Crude Oil Update

As per MCX www.crudeoperator.com intraday research Mumbai base company report for :

 Crude regained lost ground on unexpected gasoline draw down

U.S. crude stockpiles surged last week, driven by a big rise in imports and inventory build at the key oil hub at Cushing, Oklahoma, while
gasoline drew down unexpectedly, the Energy Information Administration said on Wednesday. Crude inventories were up 13.8 million barrels in
the week to Feb. 3, compared with expectations for an increase of 2.5 million barrels. Crude imports jumped, rising 1.1 million barrels per day, with
a big increase in imports at the Gulf Coast, where crude stocks rose by 10.9 million barrels, the largest weekly rise on record, to 267.6 million
barrels. That figure is also a record. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures rose 1.1 million barrels, EIA said..
Gasoline stocks fell 869,000 barrels, versus analyst expectations for a 1.1 million-barrel gain, offsetting some of the bearish crude data. The rise in
oil prices was somewhat surprising, as the big build in stocks undermines expectations for tighter supply. However, industry group American
Petroleum Institute reported a slightly bigger crude build of 14.3 million barrels on Tuesday, so the EIA data confirmed already lofty expectations.
Speculators have maintained long positions in this market, anticipating further gains in oil as the OPEC continues to reduce production. Distillate
stockpiles, which include diesel and heating oil, rose 29,000 barrels, versus expectations for a 300,000-barrel increase, the EIA data showed.


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MCX Crude Oil Update

As per MCX www.crudeoperator.com intraday research Mumbai base company report for :

 Oil fell to 2-week low as focus shifted to U.S. stockpile data

MCX Crude Oil prices fell sharply on Tuesday, touching the lowest level in more than two weeks as market players looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. Futures have been trading in a narrow range around the mid-$50s over the past month as sentiment in oil markets has been torn between hopes that oversupply may be curbed by output cuts announced by major global producers and expectations of a rebound in U.S. shale production. U.S. drilling activity has risen by more than 6% since mid-2016, taking it back to levels seen in late 2014, when strong U.S. crude output contributed to a collapse in oil prices. The revival in U.S. drilling has raised concerns that the ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand. OPEC and non-OPEC countries have made a strong start to lowering their oil output under the first such pact in more than a decade as global producers look to reduce oversupply and support prices. January 1 marked the official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day to 32.5 million for the next six months. The deal, if carried out as planned, should reduce global supply by about 2%.

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MCX Crude News Update


The Prices of mcx crude oil declined in the last session on the week. The prices of mcx crude oil declined by 0.54% mcx crude oil closed at Rs. 3609 , and down Rs. 20 The Prices of Mcx crude oil a high of Rs. 3696 as per lotand low of Rs. 3692 as per lot.

The Prices are in range of Rs. 3682 per barrel and a low of Rs. 3553 as per lot . bracking this range will bring fresh volatlity in the market that has been missing so far.

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MCX Crude Oil Update

our research company mcx crude oil operator mumbai has report for international Crude oil is a different breed than that of precious metals discussed above and has been taking support from two-month old ascending trend-line, which in-turn signal brighter chances of its up-move towards 53.80 & 54.20 before confronting the 54.65-85 horizontal-line. Should energy buyers help the quote to surpass $54.85 on a daily closing basis, the $55.00 becomes a small barrier previous it could rise to $55.80 & $56.10 resistance-figures support. Meanwhile, aforementioned TL mark of $52.00 continues to become near  research team very important level and support, breaking which 50-day SMA figure – support of $50.80 and the $50.00 psychological mark can comeback. Given sellers’ dominate prices below $50.00 and break $49.80 support, it becomes wise to expect $47.70-70 during further downside.

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