Bearish supplies data drags down Crude
20/02/2015 08:06
Crude oil futures plunged in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after US supplies rose for a sixth straight week to a record last week, exasperating fears of a global supply glut.
US crude oil stockpiles rose by 7.7 million barrels to a record 425.6 million barrels in the week ended February 13, 2015, the US Energy Information Administration (EIA) said, double analysts’ expectations of a 3.2 million barrels rise.
Crude stockpiles at Cushing, Oklahoma, the biggest US oil storage hub climbed by 3.66 million barrels to 46.26 million barrels last week.
Manufacturing activity in the Philadelphia region expanded at the weakest pace in a year this month while a gain in US leading index decelerated in January, signaling a slowdown in the world’s biggest economy, dimming the demand outlook for the fuel.
The gauge measuring Philadelphia manufacturing activity fell to 5.2 in February from 6.3 in the previous month, with a reading above 0 signaling expansion. The gauge measuring US economic outlook rose 0.2 last month, following a 0.4 per cent rise in December.
Investors cast aside data which showed a drop in the number of applications seeking jobless benefits last week, signaling an improving labour market recovery in the US. Unemployment claims fell by 21,000 to 283,000 in the week ended February 14, 2015.
Crude oil futures may extend losses today as ballooning US supplies aggravate a global surplus.
At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 3,246 per barrel, down by 2 per cent, after opening at Rs 3,300, against the previous close price of Rs 3,313. It touched an intraday low of Rs 3,128 till the closing.
20/02/2015 08:06
Crude oil futures plunged in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after US supplies rose for a sixth straight week to a record last week, exasperating fears of a global supply glut.
US crude oil stockpiles rose by 7.7 million barrels to a record 425.6 million barrels in the week ended February 13, 2015, the US Energy Information Administration (EIA) said, double analysts’ expectations of a 3.2 million barrels rise.
Crude stockpiles at Cushing, Oklahoma, the biggest US oil storage hub climbed by 3.66 million barrels to 46.26 million barrels last week.
Manufacturing activity in the Philadelphia region expanded at the weakest pace in a year this month while a gain in US leading index decelerated in January, signaling a slowdown in the world’s biggest economy, dimming the demand outlook for the fuel.
The gauge measuring Philadelphia manufacturing activity fell to 5.2 in February from 6.3 in the previous month, with a reading above 0 signaling expansion. The gauge measuring US economic outlook rose 0.2 last month, following a 0.4 per cent rise in December.
Investors cast aside data which showed a drop in the number of applications seeking jobless benefits last week, signaling an improving labour market recovery in the US. Unemployment claims fell by 21,000 to 283,000 in the week ended February 14, 2015.
Crude oil futures may extend losses today as ballooning US supplies aggravate a global surplus.
At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 3,246 per barrel, down by 2 per cent, after opening at Rs 3,300, against the previous close price of Rs 3,313. It touched an intraday low of Rs 3,128 till the closing.
