Commodity tips : Volatility in Mcx crude prices 25 Mar, 2016

Mcx oil prices have burst more than 50 per-cent from their 12-year lows since the Organisation of Petroleum Exporting Countries (Opec) floated the idea of a production freeze, increasing Brent up from around $27 a barrel and US(United States) crude from around $26.

The depreciation of the rupee by near 0.81 per-cent also supported the rise on the MCX. Opec kingpin Saudi Arabia & non-Opec producers led by Russia will meet on April 17th in Qatar capital Doha, aiming for the 1st world wide supply deal in around 15 years.

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Today Crude oil consolidates recovery 5 Feb, 2016

Mcx Crude oil futures advanced in the local market on yesterday as investors and traders booked fresh positions in the energy commodity amidst ongoing speculation of a near-term meeting between OPEC and non-OPEC producers to discuss a potential outcome cut in a bid to help combat ballooning supplies and quell market volatility.

Media reports emerged that Venezuela and 6-other oil producing countries are planning to hold an emergency meet of OPEC and non-OPEC members. Moreover, that list did not include Saudi Arabia, OPEC’s most significant & influential member, and whose participation in any such planned meeting is critical to the prospects of production cuts.

Traders shrugged off tepid US economic data which indicated uncertainty over the demand outlook for the fuel in the world’s largest gas consuming nation. The number of Americans who filed applications & seeking for unemployment benefits rose by 8,000 to 285,000 last week while factory orders fell the most in a year, plunging by 2.9 per-cent in Dec month.

MCX, February 2016 contract for Crude oil futures, closed at Rs 2,181 per barrel, up by 0.51 per cent, after unlocking at 2,187, against the previous close price of Rs 2,170. It attained an intraday high of Rs 2,278.

Today, crude oil futures drop for 3rd session on rising crude stocks 3 Feb

Mcx : Oil futures expanded losses into a 3rd session in Asian trade today, as U.S. crude stocks last week overflow to more than half a billion barrels and as Iran plans to increase exports from March month.

Brent for April delivery dropped down 25 cents to $32.47 a barrel as of 0204 GMT, after settling down $1.52, or 4.4 per-cent.

United States mcx crude , also known as West Texas Intermediate (WTI) , fell 27 cents to $29.61, after closing the previous trading session down $1.74, or 5.5 per-cent. Crude Oil prices are coming off again. Prices are going to zig-zag for a while," told by Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.

Mcx crude tips : Brent crude futures fell down today 7 Jan, 2016

 

Mcx crude tips for today : Brent crude futures fell down to a fresh 11-year low as a sliding yuan and an emergency halt in China's stock trading left Asian markets in a turmoil, while a huge supply overhang and near-record outcome levels also continued to drag on prices of oil.

Chinese currency "yuan" and an emergency halt in China's stock trading left Asian markets in a turmoil, while much supply overhang and near-record output levels also continued to drag on prices of oil.

Trading on its stock markets was shut down for the rest of the day, the 2nd time this week, and China's securities regulator intervened heavily by issuing rules to prohibit share sales by listed companies' major shareholders.

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Mcx crude oil edged high today 6 Jan, 2016

Mcx crude tips : Prices of Crude Oil edged high on today, regaining from near 11-year lows in the previous session as concerns over growing supply and rising stock levels outweighed tensions between key Middle East producers.

A rift between Iran & Saudi Arabia over the Saudi execution of a Shi'ite cleric failed to boost prices this week, as it appeared to put an end to speculation that OPEC members could agree production cuts to lift prices.

Crude oil for Feb delivery was 19 cents high at $36.16 a barrel at 0124 GMT, after sliding 79 cents in the last session. Brent crude prices went up by 18 cents at $36.60 a barrel, after ending down by 80 cents.


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Mcx : Oil seeds Development Fund to boost domestic supply 15 Dec, 2015

The edible oil industry has endorsed the govt to increase the import duty on both crude & refined oil, along with setting aside a portion of the revenue earned to set up an Oilseeds Development Fund to increase native production.

The movement comes at a time when the native consumption is increasing at a rate of 8 per cent and the import on account of oil has crossed Rs 65,000 cr in the year ending Oct 31. In the current oil year that kicked off on Nov 1, the import bill is likely to be Rs 75,000 cr as India will have to import more since local production went down this kharif season.

India is going to import 155-160 lakh tonnes of edible oil current year, compared to 144 lakh tonnes the last time round. In Nov, the import went up 13 per-cent from a year ago. Present year, we have seen what has happened with pulses. There is sufficient supply of edible oil globally which is helping us meet our demand. But this situation may reverse anytime," said by chief operating officer of Adani Wilmar.

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Due to US supply drop Crude Oil vanish over 1 % 10 Dec, 2015

Today, Crude oil futures plummeted over 1 per-cent in the native market while tumbling to a 6 year low in the overseas market as investors, observers and speculators regained to a heavy sell-off in the energy commodity amidst continued fears that a global oil glut may exacerbate due to the fallout of the OPEC’s decision to maintain production at high levels, and sluggish world wide growth of economy which may weaken requirement.

The OPEC past week voted to refrain from a cutback in production as the cartel aggressively battles to protect market share amidst high-cost producers.

In the mean time, US(United States) storage levels fell down for the 1st time in eleven weeks but remained at the highest level for this time of the year since 1930 and nearly 120 million barrels above the 5-year average, a sign that the market is flooded with oil.

MCX : December 2015 contract for Crude oil futures ended at Rs 2,496 per barrel, down by 1.27 per-cent, after opening at 2,559, in against with the previous close price of Rs 2,528. It attained an intraday low of Rs 2,478.

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Crude oil futures tanked around 4% 7 Dec, 2015

Crude oil futures tanked around 4 per-cent in the native market on Friday last week as investors and speculators resorted to heavy selling after the OPEC, the cartel that accounts for around 40 per-cent of world wide crude supplies, refused to curb production to alleviate a supply glut.

At vienna, Austria on Friday last week, the cartel ditched its idea of limiting outcome to control prices. Instead, the cartel went for a Saudi Arabia-led policy of pumping oil at continued high rates to squeeze out rivals including US shale drillers, to regain market shares.

The cartel set aside its daily production target of 30 million barrels each day, which many members had previously ignored as they were manufacturing close to 31.5 million barrels per day. OPEC has set a production target almost without fail since 1982.

The OPEC verdict overshadowed a 3rd straight drop in US rig count, which signaled lower US production, going ahead. Baker Hughes reported that the number of US rigs drilling for oil fell by 10 to 545 last week.

Strength in the US labour market bolstered hopes of a pickup in oil requirement in the world’s biggest oil consumer as US jobs data trumped expectations. The world’s largest economy contributed 211,000 jobs in November as the jobless rate stayed at over a seven-year low of 5 per-cent while October’s payrolls gain was upwardly revised to 298,000. Moreover, US trade gap widened 3.4 per-cent to US dollars 43.9 billion in September amidst weaker overseas sales.

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Crude oil futures went down today, 19 Nov, 2015

Crude oil futures slided over 1 per-cent in the native market on Wednesday as investors & speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as an eighth straight rise in US crude oil stockpiles last week aggravated fears over a global supply glut.

US Crude oil supplies climbed by 252,000 barrels to 487.3 million barrels in the week ended November 13, 2015. Crude oil stockpiles at Cushing, Oklahoma, the highest US oil storage hub in the US, elevated by 1.5 million barrels last week. Total US oil storage remains at levels unseen for this time of the year in atleast the last 80 years, a sign that the market is flooded with oil.

Housing starts in the US collapse in Oct month, indicating a weakening housing market recovery in the world’s largest economy, darkening the requirement outlook for the fuel. Starts fell 11 per-cent to a 1.06 million yearly rate in October month.

Oil may regained today as the sharp losses in recent sessions offers a good bargain buying opportunity in the fuel. At the MCX, Nov 2015 contract for Crude oil futures, closed at Rs 2,673 per barrel, down by 1.11 %, after opening at Rs 2,716, in against to the previous close price of Rs 2,703. It reached an intraday low of Rs 2,649.

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Crude oil plunged by 3 %, Mcx crude tips for 16 Nov, 2015

Today, Crude oil futures plunged by 3 per-cent in the native market on Friday as investors & speculators cut risky bets in the energy commodity which sank to the lowest level in 11 weeks in the overseas market as concerns over a world wide supply glut worsened.

OPEC, the cartel which accounts for about 40 per-cent of global crude supplies, said that surplus crude inventories were at the highest level in at least a decade due to record production. A rate increase in US oil rig count for the 1st time in almost 3 months last week signaled an increase in production, going ahead, threatening to exacerbate a supply glut. Baker Hughes told that the number of rigs drilling for oil in the US crept up by 2 to 574 last week.

A smaller than estimated increase in US retail sales in October signaled a slowdown in consumer spending in the world’s largest economy which may curb fuel demand. US retail sales rose a paltry 0.1 per-cent in October from September when they stood little changed. Moreover, a gauge measuring US consumer sentiment surged to a four-month high of 93.1 in November from 90 in October. Oil may expand losses today as a renewed Japan recession curbs fuel requirement. At the MCX, Crude oil futures, Nov 2015 contract ended at Rs 2,689 per barrel, down by 3 per-cent, after opening at Rs 2,759, against the preceding close price of Rs 2,771. It attained an intraday low of Rs 2,677.

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