Crude Oil
Rising crude inventories in the US have raised concerns about growth of
oil demand leading to price correction below $100/bbl and declining by
more than 1 percent yesterday. This move has happened for the first time
in a month. Besides, potential for more Chinese defaults further raises
concerns that demand from China will wane in the coming month.
Domestic markets took cues from the fall in international markets as crude prices on the MCX declined by 0.7 percent touching an intra-day low of Rs.6105/bbl and closed at Rs.6134/bbl on Tuesday. Rupee depreciation prevented sharp fall in the prices on the MCX.
API Inventories Data
As per the American Petroleum Institute (API) report last night, US crude oil inventories gained by 2.6 million barrels to 367.0 million barrels for the week ending on 7th March 2014. Gasoline inventories slipped by 2.2 million barrels to 231.20 million barrels and whereas distillate inventories declined by 839,000 barrels to 110.90 million barrels for the same week.
EIA Inventories Forecast
The US Energy Department (EIA) is scheduled to release its weekly inventories report today at 8:00pm IST and US crude oil inventories is expected to gain by 2.2 million barrels for the week ending on 7th March 2014. Gasoline stocks are expected to fall by 2.0 million barrels whereas distillate inventories are expected to plunge by 0.9 million barrels for the same period.
Outlook
From an intraday perspective, prices will trade lower as investors will have a close look on the happenings in Libya, wherein the production is returning back to 200,000 barrel from 150,000 a barrel on Monday. Besides, we have EIA inventory data to be released tonight wherein there are expectations of build up in crude inventories as refiners in the US have scheduled for maintenance which will exert downside pressure on the prices. Also, the recent economic numbers released from China is showing signs of slowdown which could potentially push prices further down in the coming session.
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Domestic markets took cues from the fall in international markets as crude prices on the MCX declined by 0.7 percent touching an intra-day low of Rs.6105/bbl and closed at Rs.6134/bbl on Tuesday. Rupee depreciation prevented sharp fall in the prices on the MCX.
API Inventories Data
As per the American Petroleum Institute (API) report last night, US crude oil inventories gained by 2.6 million barrels to 367.0 million barrels for the week ending on 7th March 2014. Gasoline inventories slipped by 2.2 million barrels to 231.20 million barrels and whereas distillate inventories declined by 839,000 barrels to 110.90 million barrels for the same week.
EIA Inventories Forecast
The US Energy Department (EIA) is scheduled to release its weekly inventories report today at 8:00pm IST and US crude oil inventories is expected to gain by 2.2 million barrels for the week ending on 7th March 2014. Gasoline stocks are expected to fall by 2.0 million barrels whereas distillate inventories are expected to plunge by 0.9 million barrels for the same period.
Outlook
From an intraday perspective, prices will trade lower as investors will have a close look on the happenings in Libya, wherein the production is returning back to 200,000 barrel from 150,000 a barrel on Monday. Besides, we have EIA inventory data to be released tonight wherein there are expectations of build up in crude inventories as refiners in the US have scheduled for maintenance which will exert downside pressure on the prices. Also, the recent economic numbers released from China is showing signs of slowdown which could potentially push prices further down in the coming session.
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Online Robotic Stock Trader Inc. is very happy to announce that we are offering a free demo kit of Automated trading system and it's working. If you are a stock trader then this is the golden opportunity for you, hurry up to register yourself http://goo.gl/BAfj1Z to get this #free demo kit or call us now at (949) 734-4000. Hurry up
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