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 : Prices of Oil approach 20% fall since 2016 starting

Today's Mcx crude tips & updates : Oil prices continued a constant dive early approaching a 20 per-cent drop since the beginning of the year as experts & traders struggling to cut their 2016 oil price forecasts & traders bet on further price falls.

U.S(United States) crude West Texas Intermediate (WTI) were trading at $31.15 per barrel at 0139 GMT, today, went down 26 cents from their last settlement & almost 19 per-cent lower than at the starting of the year. WTI has shed over 70 per-cent in value since the downturn began in mid-2014.

Brent crude futures fell down by 20 cents to $31.35 a barrel, their lowest since April 2004. Brent has fallen around 20 per-cent in January &, like wise WTI, went down on every day of trading so far current year.

Trading data concluded that managed short positions in WTI crude contracts, which would profit from a further fall down in prices.

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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 commodity : Gold is in reverse gear today 31 Dec, 2015

Gold futures ended lower in the native market on yesterday as investors and traders exited positions in the precious metal tracking weakness in the overseas market as continued strength in the USD curbed the lure for the precious metal as an alternative asset.

Powerfull greenback makes gold more expensive for those holding other currencies, thus dimming demand.
Moreover, a renewed slump in oil prices raised fears over world wide deflationary pressures, dimming the appeal of the yellow metal, a hedge against inflation. Prices of Oil slided around 3% on yesterday as a surprise expansion in US(United States) crude oil stockpiles exacerbated fears over a world wide supply glut. Trading volumes were thin with most traders having already closed their books, advanced of the New Year. Losses in the yellow metal were limited by speculation that the US(United States) Fed Reserve may increase interest rates at a gradual pace, supporting gold’s appeal as a store of value.

A surprise drop in US(United States) pending home sales signaled a slowing housing recovery in the world’s biggest economy, lowering the case for a measured pace of interest rate tightening.

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Mcx Crude Oil fell near to USD 37 29 Dec, 2015

Today, Crude Oil fell near to USD 37 a barrel on trading within sight of an 11-year low, pressured by excess supply that has more than halved prices since the downturn began in mid-2014.

US(United States) crude was trading below global benchmark Brent, having earlier in Dec risen to a premium for the 1st time in the whole year following the lifting of a 40-year-old ban on most US(United States) crude exports. Brent crude went down 85 cents at USD 37.04 a barrel at 1255 GMT.

It fell down to 35.98 USD, an 11-year low, today. US(United States) crude went down USD 1.16 at USD 36.94. Trading volume was lighter than normal due to a UK holiday. We estimate both prices to increase in next year, a short-term slip can't be excluded, due to persisting oversupplies, negative sentiment & powerfull downside momentum.

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Prices of crude prices fell on Monday 21 Dec, 2015

Prices of Brent crude fell down today to their weakest since 2008 on renewed worries over a global oil glut, with production around the whole world remaining at or near record highs and new supplies looming from Iran and the US(United States).

Brent futures fell down as low as $36.32 per barrel in overnight trading near 0000 GMT, the weakest since 2008, before edging back to $36.49 per barrel by 0203 GMT.
 

U.S. West Texas Intermediate (WTI) futures went  down by 20 cents at $34.53 per barrel and close to Friday's last week 2015 lows.

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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 pitched more than 4 % news for 13 Nov, 2015

Crude oil futures pitched more than 4 per-cent in the native market on yesterday as investors and speculators exited positions in the energy commodity tracking a heavy sell-off in the overseas market as a seventh straight increase in United States crude oil stockpiles last week signaled concerns over a worsening global supply glut.

The EIA reported that United States crude oil inventories climbed by 4.22 million barrels to 487 million barrels in the week closed on 6th Nov, the highest level since April month. Analysts were expecting a 1.3 million barrels rise in weekly storage levels. While supplies at Cushing, the biggest United States oil storage hub went high by 2.24 million barrels last week, the biggest gain since March, US crude production elevated 25,000 barrels per day to 9.19 million barrels per day previous week.
 

Traders cast aside data which signaled an improvement in the labour market recovery of the world’s biggest economy, auguring well for fuel demand outlook. Whilst the number of positions waiting to be filled in the US climbed by 149,000 to the second highest level on record at 5.53 million in September 2015, jobless claims were unchanged at 276,000 last week.

Oil may expand a rout today as swelling inventories increase supplies. At the MCX, Crude oil futures, for the November 2015 contract, closed at Rs 2,771 per barrel, went down by 4.22 per-cent, after opening at Rs 2,890, as compared to the previous close price of Rs 2,893. It attained an intraday low of Rs 2,764.

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Mcx crude tips : Oil surges on falling US rig count 19 Oct, 2015

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Mcx crude tips : Crude oil futures spiked more than 2 per-cent in the native market on Friday last week as investors and speculators booked fresh positions in the energy commodity tracking a positive trend in the overseas market as a seventh straight drop in United States weekly rig count signaled lower production ahead in the world’s biggest oil consuming nation, easing concerns over a world wide supply glut.

Investors shrugged off mixed US(United States) economic data which showed a second straight drop in factory output in September month but consumer sentiment improved current month, signaling uncertainty over the demand outlook for the fuel in the world’s largest economy.

US manufacturing production fell 0.1 per-cent in Sep 2015 from the previous month, while industrial outcome declined 0.2 per-cent. Moreover, the gauge measuring US(United States) consumer sentiment climbed to 92.1 in October, the first increase in 4 months, from 87.2 in Sep.

Oil may fall today as the slowest expansion in China’s GDP growth since Q1 2009 in Q3 2015 signals diminished demand prospects from the world’s second biggest oil consuming nation.

At the MCX, October 2015 contract for Crude oil futures for the, closed at Rs 3,055 per barrel, up by 2.31 per cent, after opening at Rs 3,008, in against with the previous closing price of 2,986. It reached an intraday high of Rs 3,075.

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Mcx crude tips : Oil edges up , weaker dollar 12 Oct, 2015

Mcx crude tips : Today, prices of Oil rose in early Asian trading after US(United States) drillers cut oil rigs for six straight weeks, while traders awaited Chinese trade data to be published following the one-week National Holiday.

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US(United States) drillers removed nine oil rigs in the week ended Oct. 9, bringing the total rig count down to 605, oil services company Baker Hughes Inc said late on Friday previous week.

That total was the least since July month, 2010. Drillers had cut a total of 61 rigs over the prior 5 weeks. Since hitting an all-time high of 1,609 during this week a year ago, weekly rig count reductions have averaged 20.

"There is another fall in the US(United States) oil rig count helped support WTI price (but) the focus will be on the release of China's trade data, which will signal whether low prices have kept import demand high," ANZ told bank.
 

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Mcx crude tips : Prices of Crude oil terminated high 8 Oct, 2015

Mcx crude tips for today : Prices of Crude oil terminated higher in the native market on yesterday as investors eyed a drop in US stocks. The American Petroleum Institute's weekly inventory report showed a drop of 1.2 million barrels last week for crude signaling that the demand for crude oil in US, world’s largest consumer of the commodity is strong. 

mcx crude tips

Moreover, US(United States) crude oil inventories rose more-than-expected last month, official data showed on Wednesday signaling that the demand for the commodity in US(United States), world’s biggest consumer of crude oil is weak. In a report, Energy Information Administration said that US(United States) Crude Oil Inventories rose to a seasonally adjusted annual rate of 3.073M, from 3.955M in the preceding month.

Gains were also limited after German industrial outcome posted its steepest drop in a year in August month, suggesting Europe's highest economy may be losing momentum just as an emissions scandal at Volkswagen casts a cloud over manufacturing. 

Crude oil futures, for the October 2015 contract, closed at Rs 3,162 per barrel, up by 0.80 per cent, after opening at Rs 3,167, in against to the last closing price of Rs 3,137. It reached an intraday high of Rs 3,251.

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Mcx crude tips : Crude Oil closed high on strong global requirement 30 Sep, 2015

Mcx crude tips & updates : Prices of Crude Oil prices locked high in the domestic market on yesterday after US(United States) consumer confidence improved unexpectedly in September month, boosting optimism over the health of the economy and supporting the case for a US interest rate hike this year which raised the demand for the fuel. The Conference Board, a market research group, told its index of consumer confidence went up to 103.0 current month from a reading of 101.3 in August month, whose figure was revised from a previously reported 101.5.  

mcx crude tips

 
Furthermore, Eurozone economic confidence went-up to a 4-year high in September on improved industrial and service-sector sentiment The consumer and executive confidence index rose to 105.6 this month from a revised 104.1 in August, the European Commission said yesterday. At the MCX, Crude oil futures, for the October 2015 contract, closed at Rs 3,026 per barrel, up by 1.95 per-cent, after opening at Rs 2,968, against the last locked price of Rs 2,968. It attained an intraday high of Rs 3,033.

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Mcx crude tips : Zinc in top gear despite China fears 29 Sep, 2015

 

Mcx crude tips : On yesterday, Zinc futures marked a bullish finish in the domestic market as investors and speculators booked fresh positions in the industrial metal amid firm physical requirement for Zinc in the domestic spot market.
  
Moreover, the gains in the metal were controlled by fears that a worsening slow-down in country China, the world’s 2nd biggest metals consumer, may cap demand for Zinc. Industrial profits in China nosedived 8.8 per-cent, year on year in August 2015, worsening from a 2.9 per-cent drop in July 2015, signaling deepening woes of the world’s 2nd biggest economy.

At the MCX, September 2015 contract for Zinc futures closed at Rs 107.7 per kg, up by 0.56 per-cent after opening at Rs 107.65,in against with the previous closing price of Rs 107.1. It reached the intra-day high of Rs 108.5.

 

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