Crude Oil
Nymex crude oil prices increased around 0.6 percent yesterday on the
back of more than expected decline in US distillate inventories as lower
temperatures bolstered heating demand. Further, decline in US crude oil
production by 107,000 barrels a day to 8.05 million barrels for week
ending on 17th Jan’14 but still remained at the highest level since 1988
coupled with weakness in the DX supported an upside in the prices.
However, sharp positive movement in the prices was prevented due to
decline in US refinery capacity by 3.5 percent to 86.5 percent for the
last week. The US refinery utilization rates have dropped around nine
times in month of January in last ten years. Crude oil prices touched an
intra-day high of $97.84/bbl and closed at $97.30/bbl in yesterday’s
trading session.
On the domestic bourses, prices rose around 1.4 percent due to Rupee
depreciation and closed at Rs.6101/bbl after touching an intra-day high
of Rs.6108/bbl on Thursday.
EIA Inventories Data
As per the US Energy Department (EIA) report, US crude oil inventories
increased more than expected by 990,000 barrels to 351.20 million
barrels for the week ending on 17th January 2014. Gasoline stocks gained
by 2.1 million barrels to 235.27 million barrels and whereas distillate
stockpiles plunged sharply by 3.2 million barrels to 120.74 million
barrels for the last week.
Natural Gas
EIA Inventories Data
US Energy Information Administration (EIA) released its weekly
inventories yesterday and US natural gas inventory declined less than
expected by 107 billion cubic feet (bcf) which stood at 2.423 trillion
cubic feet for the week ending on 17thJanuary 2014.
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