Bears continue to haunt Crude
14/11/2014 09:29
Crude oil futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking weakness in the overseas market amid bets that the OPEC will not reduce output to ease a global supply glut while crude supplies at Cushing, the biggest US oil storage hub rose last week, signaling weaker demand for the fuel in the world’s biggest oil consumer. Cushing stockpiles rose 1.7 million barrels to 22.5 million barrels in the week ended November 7, the EIA said. However, overall US stockpiles fell 1.74 million barrels last week. Gasoline supplies rose 1.81 million barrels to 203.6 million barrels last week. A rise in the number of Americans filing for unemployment claims signaled a slowing labour market recovery in the world’s biggest economy, clouding the demand outlook for the fuel. Jobless claims rose 12,000 to 290,000 last week, while job openings eased to 4.74 million in September from 4.85 million in August. Further, US budget shortfall widened last month to USD 121.7 billion from USD 90.6 billion in the year ago month. China’s year on year industrial output growth slowed to 7.7 per cent in October 2014 from 8 per cent in September 2014, signaling a worsening slowdown in the world’s second biggest oil user, clouding the demand outlook for the fuel. Crude oil futures may continue the downward journey today amid bearish investor sentiment. At the MCX, Crude Oil futures, for the November 2014 contract, closed at Rs 4,641 per barrel, down by 2.42 per cent, after opening at Rs 4,742, against a previous close of Rs 4,756. It touched an intra-day low of Rs 4,627
14/11/2014 09:29
Crude oil futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking weakness in the overseas market amid bets that the OPEC will not reduce output to ease a global supply glut while crude supplies at Cushing, the biggest US oil storage hub rose last week, signaling weaker demand for the fuel in the world’s biggest oil consumer. Cushing stockpiles rose 1.7 million barrels to 22.5 million barrels in the week ended November 7, the EIA said. However, overall US stockpiles fell 1.74 million barrels last week. Gasoline supplies rose 1.81 million barrels to 203.6 million barrels last week. A rise in the number of Americans filing for unemployment claims signaled a slowing labour market recovery in the world’s biggest economy, clouding the demand outlook for the fuel. Jobless claims rose 12,000 to 290,000 last week, while job openings eased to 4.74 million in September from 4.85 million in August. Further, US budget shortfall widened last month to USD 121.7 billion from USD 90.6 billion in the year ago month. China’s year on year industrial output growth slowed to 7.7 per cent in October 2014 from 8 per cent in September 2014, signaling a worsening slowdown in the world’s second biggest oil user, clouding the demand outlook for the fuel. Crude oil futures may continue the downward journey today amid bearish investor sentiment. At the MCX, Crude Oil futures, for the November 2014 contract, closed at Rs 4,641 per barrel, down by 2.42 per cent, after opening at Rs 4,742, against a previous close of Rs 4,756. It touched an intra-day low of Rs 4,627
