MCX Energy Outlook- Crude Oil and Natural gas Updates

 Crude Oil- 
Currently WTI Light sweet crude oil futures are trading above $101/ bbl with marginal gain in international market. As per US Energy department, crude oil inventory have increased, whereas in Cushing and Oklahoma delivery centre crude oil inventory have fallen by more than 150K barrels in the last week. Refiners have reduced their production capacity, which made petroleum products to decline in the last week. Most of the Asian equities are trading slightly positive trend, which might be supporting oil prices in international market. Euro-zone
and German PMI Numbers are likely to come unchanged from prior month, whereas US payrolls data are likely to come lower than prior month. Unrest in Yemen may boost oil prices further. Overall, we may expect oil futures to
trade on higher side throughout the day.

Natural Gas- 
Natural gas futures prices traded on a positive trend on yesterday session and closed with gain of more than three percent in international market. Similarly, June contract closed at Rs.215.40/ MMBTU by gaining
 2.8 percent in MCX platform. Falling inventory level has supported gas futures to trade on higher side. As per EIA, natural gas storage level increased by 83 Bcf, lower than expectation and prior data. Currently, Gas futures prices are trading at $4.78 /MMBTU, with a marginal fall on prices in international market.
Lower inventory increase is likely to support gas prices to trade on higher side. Technically, we have given Buying for the day.


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