MCX Crudeoil NEWS : 15.09.2016
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Crudeoil trading range for the day is 2855-3079
Crude oil prices dropped after data showing large weekly builds in U.S. petroleum
products offset a surprise draw in crude stockpiles.
The U.S. Energy Information Administration reported that crude inventories fell 559,000
barrels during the week ended Sept. 9.
The API reported a crude build of 1.4 million barrels for the week ended Sept. 9, smaller than the 3.8 million-barrel rise expected.
Crudeoil on MCX settled down -3.13% at 2938 after data showing large weekly builds in U.S. petroleum products offset a surprise draw in crude stockpiles. The U.S. Energy Information Administration reported that crude
inventories fell 559,000 barrels during the week ended Sept. 9. In its monthly report, the IEA said the slowdown in global oil demand growth has accelerated in the third quarter of 2016, sinking to 800,000 barrels a day—1.5
million barrels a day lower than the third quarter of 2015. The IEA added that demand growth has “all but vanished” in developed countries and slowed down drastically in Asian powerhouse consumers such as China and
India. This has led the IEA to cut its 2016 demand growth forecast by 100,000 b/d to 1.3 million b/d. It added that the forecast would have been even lower if it wasn’t for the 200,000 b/d premium it has included due to the
expected return to a normal winter after last year’s mild temperatures. The more pessimistic demand forecast comes a day after a report from the Organization of the Petroleum Exporting Countries that painted a picture of a
world still awash in crude thanks to resilient output from U.S. producers and others. OPEC revised its forecast for non-OPEC supply upward by 180,000 b/d in 2017. The IEA and OPEC reports confirm many observers’
positions regarding how long it will take for supply and demand to achieve equilibrium. Technically market is under fresh selling as market has witnessed gain in open interest by 22.95% to settled at 20479 while prices down -
95 rupee, now Crudeoil is getting support at 2896 and below same could see a test of 2855 level, And resistance is now likely to be seen at 3008, a move above could see prices testing 3079.
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Crudeoil trading range for the day is 2855-3079
Crude oil prices dropped after data showing large weekly builds in U.S. petroleum
products offset a surprise draw in crude stockpiles.
The U.S. Energy Information Administration reported that crude inventories fell 559,000
barrels during the week ended Sept. 9.
The API reported a crude build of 1.4 million barrels for the week ended Sept. 9, smaller than the 3.8 million-barrel rise expected.
Crudeoil on MCX settled down -3.13% at 2938 after data showing large weekly builds in U.S. petroleum products offset a surprise draw in crude stockpiles. The U.S. Energy Information Administration reported that crude
inventories fell 559,000 barrels during the week ended Sept. 9. In its monthly report, the IEA said the slowdown in global oil demand growth has accelerated in the third quarter of 2016, sinking to 800,000 barrels a day—1.5
million barrels a day lower than the third quarter of 2015. The IEA added that demand growth has “all but vanished” in developed countries and slowed down drastically in Asian powerhouse consumers such as China and
India. This has led the IEA to cut its 2016 demand growth forecast by 100,000 b/d to 1.3 million b/d. It added that the forecast would have been even lower if it wasn’t for the 200,000 b/d premium it has included due to the
expected return to a normal winter after last year’s mild temperatures. The more pessimistic demand forecast comes a day after a report from the Organization of the Petroleum Exporting Countries that painted a picture of a
world still awash in crude thanks to resilient output from U.S. producers and others. OPEC revised its forecast for non-OPEC supply upward by 180,000 b/d in 2017. The IEA and OPEC reports confirm many observers’
positions regarding how long it will take for supply and demand to achieve equilibrium. Technically market is under fresh selling as market has witnessed gain in open interest by 22.95% to settled at 20479 while prices down -
95 rupee, now Crudeoil is getting support at 2896 and below same could see a test of 2855 level, And resistance is now likely to be seen at 3008, a move above could see prices testing 3079.
