Crude oil futures end tad higher on Iraq threat 20/06/2014

Crude oil futures end tad higher on Iraq threat
20/06/2014 09:02
Crude oil futures ended tad higher in the domestic market on Thursday after the US said that it will send military advisors to advise the Iraqi army while leading oil companies’ evacuated stuff from Iraq as the country’s army battled Sunni militants, raising the risk of a disruption in crude supplies from the OPEC’s second biggest oil producer. The number of Americans who filed for unemployment claims fell last week while US leading indicators rose for the fourth month on the trot in May, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. US jobless claims fell 6,000 to 312,000 in the week ended June 14, 2014. US leading indicators gauge rose 0.5 per cent in May over the previous month when it climbed 0.3 per cent. However, an appreciation in the Indian rupee against the US dollar curbed gains in the fuel as a stronger rupee exerted downward pressure on domestic crude prices. Crude futures may rise today amid deepening concerns that tensions in Iraq may threaten global supplies. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,381 per barrel, up by 0.05 per cent, after opening at Rs 6,384 against a previous close of Rs 6,378. It touched an intra-day high of Rs 6,410.

Crude oil futures end tad higher on Iraq threat
20/06/2014 09:02
Crude oil futures ended tad higher in the domestic market on Thursday after the US said that it will send military advisors to advise the Iraqi army while leading oil companies’ evacuated stuff from Iraq as the country’s army battled Sunni militants, raising the risk of a disruption in crude supplies from the OPEC’s second biggest oil producer. The number of Americans who filed for unemployment claims fell last week while US leading indicators rose for the fourth month on the trot in May, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. US jobless claims fell 6,000 to 312,000 in the week ended June 14, 2014. US leading indicators gauge rose 0.5 per cent in May over the previous month when it climbed 0.3 per cent. However, an appreciation in the Indian rupee against the US dollar curbed gains in the fuel as a stronger rupee exerted downward pressure on domestic crude prices. Crude futures may rise today amid deepening concerns that tensions in Iraq may threaten global supplies. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,381 per barrel, up by 0.05 per cent, after opening at Rs 6,384 against a previous close of Rs 6,378. It touched an intra-day high of Rs 6,410.

Crude oil futures continue downward journey on bearish US supplies data 19/06/2014

Crude oil futures continue downward journey on bearish US supplies data
19/06/2014 09:18
Crude oil futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market after crude oil stockpiles at Cushing, the biggest US oil storage hub, rose for the first time in ten weeks, signaling weakening demand for the fuel in the world’s biggest crude oil consumer. Supplies at Cushing rose 247,000 barrels to 21.4 million barrels in the week ended June 13, EIA said. Overall US supplies fell 579,000 barrels to 386.3 million barrels last week while refineries reduced their operating capacity to the lowest level since March at 87.1 per cent. The US Federal Reserve cut the forecast for growth in the world’s biggest economy this year to 2.1 per cent to 2.3 per cent from an earlier estimated 2.8 per cent to 3 per cent expansion, dimming the demand outlook for the fuel. However, clashes between Iraqi military and Sunni extremists in Iraq’s biggest refinery, the Baiji refinery, raised fears of disruption in crude supplies from OPEC’s second biggest oil producer, curbing losses in the fuel. Crude oil futures may rise today on supply worries over Iraq. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,378 per barrel, down by 0.56 per cent, after opening at Rs 6,418, against a previous close of Rs 6,414. It touched an intra-day low of Rs 6,370

Crude oil futures ease on profit booking 18/06/2014

Crude oil futures ease on profit booking
18/06/2014 09:09
Crude oil futures ended lower in the domestic market on Tuesday as investors and speculators booked profits in the energy commodity after a stellar rally. The deepening unrest in Iraq hasn’t hurt the country’s oil rich southern region, easing concerns over disruptions of crude supplies from the OPEC’s second biggest oil producer. The US weighed military options against Iraqi militants with possible air strikes and increased military aid to Iraq to defeat terrorists. US crude oil stockpiles fell last week, signaling improving demand for the fuel in the world’s biggest crude oil consumer, supporting the energy commodity. US crude oil stockpiles fell 5.7 million barrels last week, EIA said. US housing starts fell last month, signaling a slowing housing recovery in the world’s biggest economy, dimming the demand outlook for the fuel. US housing starts fell 6.5 per cent to an annualized pace of 1 million in May over the previous month. Crude oil futures may rise today ahead of data which may show a dip in US crude stockpiles last week. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,414 per barrel, down by 0.11 per cent, after opening at Rs 6,434, against a previous close of Rs 6,421. It touched an intra-day low of Rs 6,369.

Crude oil futures higher on supply fears 17/06/2014

Crude oil futures higher on supply fears
17/06/2014 11:52
Crude oil futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity amid concerns that deepening unrest in Iraq may disrupt crude supplies from OPEC’s second biggest oil producer. Investors are eying the US crude oil supplies data to be released tomorrow which may show that US crude oil stockpiles fell 750,000 barrels last week, signaling improving fuel demand in the world’s biggest crude oil consumer. At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,436 per barrel, up by 0.23 per cent, after opening at Rs 6,434, against a previous close of Rs 6,421. It touched an intra-day high of Rs 6,443. (At 11:10 AM).

Crude oil futures continue northward journey 16/06/2014

Crude oil futures continue northward journey
16/06/2014 11:35
Crude oil futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as an escalation of tensions in Iraq where the army is struggling to hold off insurgency from Islamist militants threatened to disrupt crude shipments from the world’s second biggest OPEC producer.
Iraq’s military bombed the positions of militants who have captured the northern territory of Iraq.
At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,453 per barrel, up by 0.84 per cent, after opening at Rs 6,420, against a previous close of Rs 6,399. It touched an intra-day high of Rs 6,456 (At 11:10 AM).

Crude oil futures surge on supply fears 13/06/2014

Crude oil futures surge on supply fears
13/06/2014 09:45
Crude oil futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity as an escalation of violence in northern and central Iraq raised the prospect of a civil war in the country, fueling fears of a disruption in oil shipments from OPEC’s second biggest oil producer. Al-Qaeda militants seized control over Mosul, the country’s second biggest city and moved towards the Iraqi capital of Baghdad even as the Iraqi Oil Minister said that US planes may bomb northern Iraq. Investors cast aside weaker than expected US economic data which showed a slowdown in retail sales gains in May and a rise in the number of Americans’ filings for jobless claims, signaling a cooling recovery in the world’s biggest economy, clouding the demand outlook for the fuel. US retail sales rose 0.3 per cent in May 2014 over the previous month, when they climbed 0.5 per cent. US jobless claims rose 4,000 to 317,000 last week. Crude oil futures may continue the upward journey today amid renewed supply fears due to the Iraqi conflict. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,290 per barrel, up by 1.55 per cent, after opening at Rs 6,209 against a previous close of Rs 6,194. It touched an intra-day high of Rs 6,309.

Upbeat US supplies data lifts crude oil futures 12/06/2014

Upbeat US supplies data lifts crude oil futures
12/06/2014 09:21
Crude oil futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity after a decline in crude oil stockpiles in the US signaled a pickup in fuel demand in the world’s biggest crude oil consumer. US crude oil stockpiles fell by 2.6 million barrels to 386.9 million barrels last week, the EIA reported. Supplies at Cushing, the biggest US oil storage hub, fell 198,000 barrels to 21.2 million barrels last week. As expected, the OPEC kept unchanged its production target of 30 million barrels per day, a level which is lower than the forecasted demand for the remainder of the year, boosting prices. Fierce fighting in Iraq raised concerns over disruption in crude oil supplies from the Middle East. The US budget deficit narrowed in May as an improving economy and a pickup in hiring bolstered government revenue. The US budget deficit shrank to USD 130 billion in May 2014 from USD 139 billion in the same month a year ago. Crude oil futures may rise today after China pledged new steps to boost economic growth, lifting the demand outlook for the fuel. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,194 per barrel, up by 0.39 per cent, after opening at Rs 6,179 against a previous close of Rs 6,170. It touched an intra-day high of Rs 6,224.

Crude oil futures continue upward journey 05/06/2014

Crude oil futures continue upward journey
05/06/2014 09:37
Crude oil futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as a dip in US crude oil stockpiles signaled a pickup in fuel demand in the world’s biggest crude oil consumer. US crude oil stockpiles fell 3.43 million barrels to 389.5 million barrels last week, the EIA said. Services in the US rose at the fastest pace in nine months in May 2014, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. US services gauge rose to 56.3 in May from 55.2 in April, with a reading above 50 signaling expansion. However, weak US jobs and trade deficit data curbed gains in the fuel. Companies in the US added 179,000 jobs in May, down from 215,000 in April, signaling an uneven labour market recovery.US trade deficit widened to the highest level in two years at USD 47.2 billion in April from USD 44.2 billion in the previous month. Crude oil futures may fall today as investors stay cautious ahead of tomorrow’s jobs data. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,101 per barrel, up by 0.13 per cent, after opening at Rs 6,105, against a previous close of Rs 6,093. It touched an intra-day high of Rs 6,159.

Upbeat US demand outlook lift Crude oil futures 04/06/2014

Upbeat US demand outlook lift Crude oil futures
04/06/2014 12:00
Crude oil prices rose by 0.46 per cent on Wednesday at the domestic markets after US crude oil stockpiles fell last week, signaling improving demand for the fuel in the world’s biggest crude oil consumer. US crude oil stockpiles fell by 1.4 million barrels last week, the API said. At the MCX, crude oil futures for June 2014 contract were trading at Rs. 6,121 per barrel, up by 0.46 per cent, after opening at Rs. 6,105 against the previous closing price of Rs. 6,093. It touched the intra-day high of Rs. 6,131 till the trading. (At 11.55 AM today). Sentiment improved further after the IBD/TIPP Economic Optimism rose to 47.7 in June from 45.8 in the previous month, bolstering the demand outlook for the fuel

Rising US supplies drag down crude oil futures 29/05/2014

Rising US supplies drag down crude oil futures
29/05/2014 09:35
Crude oil futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after a report said that US crude oil stockpiles rose last week signaling weakening demand for the fuel in the world’s biggest crude oil consumer. US crude oil stockpiles rose 3.49 million barrels last week, the American Petroleum Institute (API) said. However, the losses in the fuel were trimmed by renewed fears over Ukraine as the country stepped up military action against pro-Russian rebels in Ukraine’s eastern region, raising concerns that tensions between Ukraine and Russia, the world’s biggest energy exporter, may worsen, fueling global supply fears. Crude oil futures may trade on a subdued note today ahead of the weekly US supplies data which may show an uptick in stockpiles. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,112 per barrel, down by 0.57 per cent, after opening at Rs 6,155, against a previous close of Rs 6,147. It touched an intra-day low of Rs 6,101.

Crude oil futures tad higher ahead of US data : 27/05/2014

Crude oil futures tad higher ahead of US data
27/05/2014 11:39
Crude oil futures were trading with slim gains in the domestic market on Tuesday as investors and speculators awaited key US economic data including consumer confidence, services and house prices which may signal strength in the US economy, lifting the demand outlook for the fuel, given that the country is the biggest crude oil consumer in the world.
Supply concerns continue to support the fuel as rebels in eastern Libya shut down two oil ports. Libya is the holder of Africa’s largest oil reserves.
At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,181 per barrel, up by 0.06 per cent, after opening at Rs 6,168, against a previous close of Rs 6,177. It touched an intra-day high of Rs 6,186. (At 11:19 AM).

Robust US fuel demand lifts crude oil futures : 26/05/2014

Robust US fuel demand lifts crude oil futures
26/05/2014 09:17
Crude oil futures ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity after a report said that petroleum demand in the US, the world’s biggest crude oil consumer surged to the highest level in four years. Total US petroleum deliveries, a gauge of demand rose by 2.3 per cent to an average 19 million barrels per day in April 2014 from the same month a year ago. Further, the first gain in new home sales in the US in three months signaled a rebound in the housing market in the world’s biggest economy, lifting the demand outlook for the fuel. US new home sales rose 6.4 per cent to a 433,000 annualized rate in April 2014 over the previous month. Deepening concerns over Ukraine amid deadly violence in the country by pro-Russian rebels raised fears of further tensions between Ukraine and Russia, the world’s biggest energy exporter, triggering supply fears over the energy commodity. Crude oil futures may rise today amid speculation of a rise in tensions in Ukraine after the country elected a new president, threatening crude supplies from Russia. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,120 per barrel, up by 0.61 per cent, after opening at Rs 6,087, against a previous close of Rs 6,083. It touched an intra-day high of Rs 6,125.

Crude oil futures up on robust US demand : 23/05/2014

Crude oil futures up on robust US demand
23/05/2014 11:15
Crude oil futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity after a report said that petroleum demand in the US, the world’s biggest crude oil consumer surged to the highest level in four years. Total US petroleum deliveries, a gauge of demand rose by 2.3 per cent to an average 19 million barrels per day from the same period a year ago. At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,096 per barrel, up by 0.21 per cent, after opening at Rs 6,087, against a previous close of Rs 6,083. It touched an intra-day high of Rs 6,098. (At 10:56 AM).

Crude oil futures dip amid profit booking : 22/05/2014

Crude oil futures dip amid profit booking
22/05/2014 10:55
Crude oil futures fell in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after a stellar rally in the previous session as a sharp dip in US crude oil stockpiles signaled a pickup in fuel demand in the world’s biggest crude oil consumer. Caution ahead of a spate of US economic data today including initial jobless claims, existing home sales, leading indicators and manufacturing for the month of May weighed on sentiment. However, stabilization in Chinese factory activity in May eased concerns over the country’s economic slowdown, curbing losses in crude oil futures. At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,112 per barrel, down by 0.31 per cent, after opening at Rs 6,130, against a previous close of Rs 6,131. It touched an intra-day low of Rs 6,109. (At 10:36 AM).

Robust US supply data lifts crude oil futures : 22/05/2014:

Robust US supply data lifts crude oil futures
22/05/2014 09:28
Crude oil futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a bullish trend in the overseas market after a report said that US crude oil stockpiles slumped last week, signaling a pickup in demand for the fuel in the world’s biggest crude oil consumer. US crude oil stockpiles fell 7.23 million barrels to 391.3 million barrels in the week ended May 16, the EIA said. US crude imports tumbled to the lowest level in 17 years, down by 9.2 per cent or by 658,000 barrels to 6.47 million barrels last week as output surged to a 28-year high. Lingering tensions in Ukraine and Libya continued to irk supply fears over the fuel. Russian Prime Minister Dmitry Medvedev said that the US and its allies are risking fueling a cold war while Ukraine stressed that there has been no pullback of Russian troops from the country’s eastern border, raising fears over further sanctions by the West against Russia, the world’s biggest energy exporter. Crude oil futures may rise today after stabilization in China’s manufacturing lifted the demand outlook for the fuel. At the MCX, Crude Oil futures, for the June 2014 contract closed at Rs 6,131 per barrel, up by 1.93 per cent, after opening at Rs 6,031, against a previous close of Rs 6,015. It touched an intra-day high of Rs 6,139.

Crude oil futures rise as US crude stockpiles dip : 21/05/2014

Crude oil futures rise as US crude stockpiles dip
21/05/2014 11:14
Crude oil futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as US crude oil stockpiles fell last week, signaling a pickup in demand for the fuel in the world’s biggest crude oil consumer.
The API reported a 10.3 million barrels dip in US crude oil stockpiles last week.
The US Energy Department will report separate inventory data today which may show that crude oil stockpiles may have stood unchanged last week.
At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,077 per barrel, up by 1.03 per cent, after opening at Rs 6,031, against a previous close of Rs 6,015. It touched an intra-day high of Rs 6,090. (At 11:47 AM).

Crude oil futures end tad higher on US supply data : 21/05/2014

Crude oil futures end tad higher on US supply data
21/05/2014 09:22
Crude oil futures ended tad higher in the domestic market on Tuesday as a dip in US crude oil stockpiles last week signaled improving demand for the fuel in the world’s biggest crude oil consumer. US crude oil stockpiles fell 10.3 million barrels last week, the American Petroleum Institute said. However, easing fears over Ukraine tempered concerns over global crude oil supplies, curbing gains in the fuel. Russia, the world’s biggest energy exporter, said that its troops are pulling back from the Ukrainian border ahead of a Presidential vote in Ukraine this weekend. Crude oil futures may trade on a subdued note today as investors cautiously await the weekly US crude oil supplies data by the EIA. At the MCX, Crude Oil futures, for the June 2014 contract closed at Rs 6,015 per barrel, up by 0.08 per cent, after opening at Rs 6,015, against a previous close of Rs 6,010. It touched an intra-day high of Rs 6,045.

Supply fears lift crude oil futures : 20/05/2014

Supply fears lift crude oil futures
20/05/2014 09:33
Crude oil futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as geopolitical concerns amid tensions in Ukraine and Libya threatened to disrupt global crude oil supplies. In Ukraine the government continues to fight pro- Russian separatists as the NATO said that there was no sign of a pullback of Russian troops from Ukraine’s eastern border. The West may mull further sanctions against Russia, the world’s biggest energy exporter if the country tries to disrupt presidential elections in Ukraine this week. In Libya, a deadly attack on the country’s parliament amid rising violence raised concerns over crude supplies from the holder of Africa’s biggest oil reserves. Crude oil futures may rise today amid hopes that US refinery rates rose last week as refineries get ready to meet peak summer fuel demand. At the MCX, Crude Oil futures, for the May 2014 contract closed at Rs 6,009 per barrel, up by 0.42 per cent, after opening at Rs 5,982, against a previous close of Rs 5,984. It touched an intra-day high of Rs 6,022.

Rupee appreciation weighs on crude oil futures

Rupee appreciation weighs on crude oil futures

Crude oil futures fell in the domestic market on Monday as a sharp appreciation in the Indian rupee against the US dollar more than offset the gains seen in the overseas market. Stronger rupee exerts downward pressure on domestic crude oil prices. Crude oil futures rose in the overseas market on Monday amid concerns that rising violence in Libya, the holder of Africa’s biggest oil reserves, may disrupt global crude supplies. Further, rising tensions in Ukraine where the government continues to fight separatists also supported crude oil prices. At the MCX, Crude Oil futures, for the May 2014 contract, is trading at Rs 5,973 per barrel, down by 0.18 per cent, after opening at Rs 5,982, against a previous close of Rs 5,984. It touched an intra-day low of Rs 5,963. (At 10:20 AM).

Weak US consumer sentiment data drags down crude oil futures

Weak US consumer sentiment data drags down crude oil futures

Crude oil futures ended lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity after a report said that consumer sentiment in the US fell in May, signaling a slowing recovery in the world’s biggest economy, dimming the demand outlook for the fuel. The gauge measuring US consumer sentiment fell to 81.8 in May from 84.1 in April, Thomson Reuters said in a report on Friday. A sharp appreciation in the rupee against the US dollar more than offset the gains in the energy commodity seen in the overseas market. Stronger rupee exerts downward pressure on domestic crude oil prices. However, the losses in the fuel were trimmed by upbeat US housing data which showed that housing starts rose to the highest level in five months in April 2014, signaling a pickup in the US housing recovery, supporting the demand outlook for the fuel. US housing starts rose 13.2 per cent to a 1.07 million annualized rate in April 2014. Crude oil futures may rise today amid concerns that rising violence in Libya may disrupt global crude supplies. At the MCX, Crude Oil futures, for the May 2014 contract closed at Rs 5,984 per barrel, down by 0.88 per cent, after opening at Rs 6,026, against a previous close of Rs 6,037. It touched an intra-day low of Rs 5,956.