MCX Crudeoil Sep 2016 : 08.09.2016
Crudeoil trading range for the day is 2935-3075.
Crude oil prices gained as Iran signaled it was prepared to work with Saudi Arabia and
Russia to prop up oil prices.
Nationwide crude inventories plunged by 12.1 million barrels in the week to Sept 2,
according to data from the American Petroleum Institute.
Recent drop in the prices seen due to uncertainty over a possible deal by producer nations to freeze output.
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Crudeoil on MCX settled up 1.89% at 3020 amid hopes that Russia and Saudi will curb supplies. The world's two biggest producers intend to co-operate on supply quotas if oil prices fall below $40, also Iran is expected to go along with any plans that do not require it to slow production after years of sanctions. While yesterday crude oil prices spiked higher by 1.5% following the release of inventory data from the API. The data showed a 12mbl decrease in US crude oil supplies for the week of August 28. This appears to be the largest drawdown in crude inventories since the 12.4mbl drop reported in March 2013. The data released by the API may have impacted prices as it sheds light on the condition of the current oil supply glut. An increase in inventories would have signaled continued excess supply. However, the significant drawdown showed that excess supply had fallen, which is
generally bullish for prices. Skepticism is widespread that those countries and the world’s other major oil exporters will follow through on talk of capping output, but just the chatter is enough to keep momentum pushing oil prices higher. Now market players shifted their focus to weekly data from the U.S. on stockpiles of crude and refined products on the US EIA scheduled its official update for tonight a day later than usual because of Monday’s US holiday. Also traders are looking forward for the meet by the OPEC and non-OPEC producers such as Russia are expected to discuss the issue at informal talks in Algeria on Sept. 26-28.
Technically market is getting support at 2978 and below same could see a test of 2935 level, And resistance is now likely to be seen at 3048, a move above could see prices testing 3075.
Crudeoil trading range for the day is 2935-3075.
Crude oil prices gained as Iran signaled it was prepared to work with Saudi Arabia and
Russia to prop up oil prices.
Nationwide crude inventories plunged by 12.1 million barrels in the week to Sept 2,
according to data from the American Petroleum Institute.
Recent drop in the prices seen due to uncertainty over a possible deal by producer nations to freeze output.
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Crudeoil on MCX settled up 1.89% at 3020 amid hopes that Russia and Saudi will curb supplies. The world's two biggest producers intend to co-operate on supply quotas if oil prices fall below $40, also Iran is expected to go along with any plans that do not require it to slow production after years of sanctions. While yesterday crude oil prices spiked higher by 1.5% following the release of inventory data from the API. The data showed a 12mbl decrease in US crude oil supplies for the week of August 28. This appears to be the largest drawdown in crude inventories since the 12.4mbl drop reported in March 2013. The data released by the API may have impacted prices as it sheds light on the condition of the current oil supply glut. An increase in inventories would have signaled continued excess supply. However, the significant drawdown showed that excess supply had fallen, which is
generally bullish for prices. Skepticism is widespread that those countries and the world’s other major oil exporters will follow through on talk of capping output, but just the chatter is enough to keep momentum pushing oil prices higher. Now market players shifted their focus to weekly data from the U.S. on stockpiles of crude and refined products on the US EIA scheduled its official update for tonight a day later than usual because of Monday’s US holiday. Also traders are looking forward for the meet by the OPEC and non-OPEC producers such as Russia are expected to discuss the issue at informal talks in Algeria on Sept. 26-28.
Technically market is getting support at 2978 and below same could see a test of 2935 level, And resistance is now likely to be seen at 3048, a move above could see prices testing 3075.
