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Monday, June 24, 2024
HomeMarkets NewsCrude oil declines on rise in US inventory, production numbers

Crude oil declines on rise in US inventory, production numbers

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Crude oil futures traded lower on Thursday morning as the official data showed an increase in crude oil inventories in the US. Added to this, crude oil production in the US rose for the week ending December 15.

At 9.53 am on Thursday, February Brent oil futures were at $79.37, down by 0.41 per cent, and February crude oil futures on WTI (West Texas Intermediate) were at $73.89, down by 0.44 per cent.

January crude oil futures were trading at ₹6,164 on the Multi Commodity Exchange (MCX) during initial trading, against the previous close of ₹6,174, down by 0.16 per cent, and February futures were trading at ₹6,196, as against the previous close of ₹6,202, down by 0.10 per cent.

Gasoline stocks

According to the petroleum status report of the US Energy Information Administration (EIA) for the week ending December 15, commercial crude oil inventories in the US increased by 2.9 million barrels from the previous week. The market was expecting it to decline by around 2.28 million barrels during the week. Crude oil inventories declined by 4.25 million barrels a week prior to that.

Total motor gasoline inventories increased by 2.7 million barrels from last week. According to US EIA, both finished gasoline and blending components inventories increased last week.

US EIA data also showed an increase in crude oil production during the week. Crude oil production in the US increased to 13.3 million barrels a day for the week ending December 15 against 13.1 million barrels a day for the week ending December 8.

Meanwhile, the market continued to assess the impact of the attacks on merchant ships by Houthi militants in the Red Sea region. The attacks prompted major stakeholders in the shipping sector to avoid the Red Sea route.

Turmeric loses shine, guarseed gains

January natural gas futures were trading at ₹195.20 on MCX, against the previous close of ₹197.90, down by 1.36 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹14,026, against the previous close of ₹14,088, down by 0.44 per cent.

January guarseed futures were trading at ₹5,358 on the NCDEX, against the previous close of ₹5,328, up by 0.56 per cent.





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