Bearish supplies data exasperates oil’s pain
29/01/2015 09:23
Crude oil futures plunged in the domestic and overseas market on Wednesday as investors and speculators exited positions in the energy commodity after US crude oil stockpiles increased the most in more than three decades last week, signaling weakening demand for the fuel in the world’s biggest oil consumer. US crude stockpiles rose 8.87 million barrels to 406.7 million barrels last week, the EIA said. Crude supplies at Cushing, Oklahoma, the largest US oil storage hub, increased for an eighth week on the trot to 38.9 million barrels in the week ended January 23, 2015, the highest level since January 2004. US oil output surged by 27,000 barrels per day to 9.2 million barrels per day last week, the highest since at least 1983. Crude may extend a sell-off today as record high production and surging supplies in the US boost a global supply glut. At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 2,772 per barrel, down by 2.46 per cent, after opening at Rs 2,830, against the previous close price of Rs 2,842. It touched an intraday low of Rs 2,762 till the closing.
29/01/2015 09:23
Crude oil futures plunged in the domestic and overseas market on Wednesday as investors and speculators exited positions in the energy commodity after US crude oil stockpiles increased the most in more than three decades last week, signaling weakening demand for the fuel in the world’s biggest oil consumer. US crude stockpiles rose 8.87 million barrels to 406.7 million barrels last week, the EIA said. Crude supplies at Cushing, Oklahoma, the largest US oil storage hub, increased for an eighth week on the trot to 38.9 million barrels in the week ended January 23, 2015, the highest level since January 2004. US oil output surged by 27,000 barrels per day to 9.2 million barrels per day last week, the highest since at least 1983. Crude may extend a sell-off today as record high production and surging supplies in the US boost a global supply glut. At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 2,772 per barrel, down by 2.46 per cent, after opening at Rs 2,830, against the previous close price of Rs 2,842. It touched an intraday low of Rs 2,762 till the closing.
