Tag: crude oil

Crude oil dips 2.78% on rise in US output

Crude oil dips 2.78% on rise in US output

Crude oil futures plunged over 2 per cent during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity as news of a rise in US production added to earlier reports that OPEC output was also on the rise.

The news of surge in production outweighed positive sentiment from falling crude and gasoline inventories in the US.

At the MCX, crude oil futures for July 2017 contract is trading at Rs 2865 per barrel, down by 2.78 per cent, after opening at Rs 2933, against a previous close of Rs 2947. It touched the intra-day low of Rs 2863 (at 14:14 hours).


07/07/2017 14:17

Crude oil futures climb 1.15% on US stockpile draw

Crude oil futures climb 1.15% on US stockpile draw

01/06/2017 14:00

Crude oil futures rose over 1 per cent during the afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after report that showed US crude stockpiles had fallen more than expected and on hopes that the US could pull out of a global climate accord.

US President Trump said that he would announce later on Thursday a decision on whether to keep the US in a global pact to fight climate change, as a source close to the matter said he was preparing to pull out of the Paris pact.

At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,163 per barrel, up by 1.15 per cent, after opening at Rs 3,135, against a previous close of Rs 3,127. It touched the intra-day high of Rs 3,167 (at 13:50 hours).

Crude oil futures slip over 1% on oversupply concerns

Crude oil futures slip over 1% on oversupply concerns

30/05/2017 13:42

Crude oil futures fell over 1 per cent during the afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the energy commodity amid persistent oversupply concerns as a constant rise in the US drilling undermined an OPEC-led push to tighten supply.

However, start of the American summer driving season boosted demand for transport fuels as families visit friends and relatives or go on vacation during the Northern Hemisphere summer months, restricted further fall in crude oil prices.

At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,217 per barrel, down by 1.29 per cent, after opening at Rs 3,245, against a previous close of Rs 3,259. It touched the intra-day low of Rs 3,214 (at 13:22 hours).

Crude oil keeps head above water

Crude oil keeps head above water

29/05/2017 14:01

Crude oil futures were trading marginally higher during the afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity after OPEC and other major producers, last week, extended their current deal to limit oil production for 9 months. However, a constant rise in the US drilling undermined an OPEC-led push to tighten supply, restricted further rise in crude oil prices.

At the MCX, crude oil futures for June 2017 contract is trading at Rs 3,217 per barrel, up by 0.12 per cent, after opening at Rs 3,207, against a previous close of Rs 3,213. It touched the intra-day high of Rs 3,228 (at 13:49 hours).

Crude oil zooms 1.13% on output cut extension hopes

Crude oil zooms 1.13% on output cut extension hopes

22/05/2017 14:27

Crude oil futures jumped over 1 per cent during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, likely to extend production cut until March 2018. Traders are expecting that the output cut extension will be discussed in the meeting of OPEC and its allies in Vienna on Thursday.

According to the media reports, Saudi energy minister Khalid al-Falih will meet with his Iraqi counterpart on Monday to convince others to extend production cuts till March end next year ahead of an OPEC meet.

At the MCX, crude oil futures for June 2017 contract is trading at Rs 3314 per barrel, up by 1.13 per cent, after opening at Rs 3299, against a previous close of Rs 3277. It touched the intra-day high of Rs 3317 (at 13:56 hours).

Crude oil rises on falling US inventories, Saudi cuts to Asia

Crude oil rises on falling US inventories, Saudi cuts to Asia

11/05/2017 13:56

Crude oil futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity on larger than expected fall in US crude inventories and cut in Saudi supplies to Asia.

According to industry group, the American Petroleum Institute (API) data, the US crude inventories fall larger than expected last week, down 5.8 million barrels against analysts’ expectations for a 1.8 million barrels decline.

Besides, OPEC meets on May 25 to decide on production policy for the second half of 2017, and most analysts expect the group to extend cuts until at least the end of the year.

At the MCX, crude oil futures for May 2017 contract is trading at Rs 3094 per barrel, down by 0.36 per cent, after opening at Rs 3097, against a previous close of Rs 3083. It touched the intra-day high of Rs 3100 (at 13:49 hours).

Crude oil rises 1.08% on potential OPEC cut extension

Crude oil rises 1.08% on potential OPEC cut extension

28/04/2017 13:48

Crude oil futures rose over 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the energy commodity on potential OPEC cut extension.

Analysts said that oil rises on the back of OPEC saying it was keen to find a deal that would ensure a drawdown of excess fuel supplies.

At the MCX, crude oil futures for May 2017 contract is trading at Rs 3181 per barrel, up by 1.08 per cent, after opening at Rs 3159, against a previous close of Rs 3147. It touched the intra-day high of Rs 3196 (at 13:41 hours).

Crude oil slips on rising US supplies, mixed Saudi signals

Crude oil slips on rising US supplies, mixed Saudi signals

19/04/2017 13:13

Crude oil futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators cut down their bets in the energy commodity on ballooning US supplies and slide in Saudi crude exports that was offset by surging production in the country.

According to the American Petroleum Institute (API) data on Tuesday showed that US markets remained bloated. However, official US oil data is expected to be published later in the day by the Energy Information Administration (EIA).

Besides, mixed signals from Saudi Arabia too weighed on crude oil prices, as the country’s crude exports fell to 6.96 million bpd in February, against 7.7 million bpd in January, whereas its production rose to 10 million bpd in February, up from 9.75 million bpd the previous month, according to the Joint Organisations Data Initiative (Jodi). At the MCX, crude oil futures for April 2017 contract is trading at Rs 3380 per barrel, down by 0.56 per cent, after opening at Rs 3383, against a previous close of Rs 3399. It touched the intra-day low of Rs 3372 (at 12:52 hours).

Crude oil futures rise 0.28% as demand picks up

Crude oil futures rise 0.28% as demand picks up

23/03/2017 14:02

Crude oil futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after the overnight losses, however, supply concerns kept the gains in check.

The US Energy Information Administration (EIA) data showed that, US crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June.

At the MCX, crude oil futures for April 2017 contract is trading at Rs 3173 per barrel, up by 0.28 per cent, after opening at Rs 3177, against a previous close of Rs 3164. It touched the intra-day high of Rs 3185 (at 13:46 hours).

Crude oil futures buoy on drop in US stockpiles

Crude oil futures buoy on drop in US stockpiles

16/03/2017 12:56

Crude oil futures rose over 1 per cent during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after US stockpiles eased from record highs and offered some hope that a global glut is likely to come to an end.

Further, data from the US EIA showed that US crude stocks fell last week, the first weekly decline after nine consecutive rises.

At the MCX, crude oil futures for March 2017 contract is trading at Rs 3222 per barrel, up by 1.38 per cent, after opening at Rs 3197, against a previous close of Rs 3178. It touched the intra-day high of Rs 3223 (at 12:43 hours).