Crude oil

Crude oil prices rose Rs 69 to Rs 4,483 per barrel on Thursday as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange , crude oil for the February delivery traded higher by Rs 69, or 1.56 per cent, at Rs 4,483 per barrel in 4,299 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade. Globally, West Texas Intermediate crude oil gained 0.79 per cent to USD 61.62 per barrel, while Brent crude traded 0.96 per cent higher at USD 64.96 per barrel in New York. ... » Learn More about Crude oil futures rise by Rs 69 on spot demand

Brent as well as WTI has gained by around 20 per cent. MCX oil futures have gained by around 21 per cent so far this year. Oil is considered to be the benchmark indicator of growth in the global economy and the price rise clearly reflects this trend. The efforts of the OPEC+ alliance has brought in good results and the act of cohesion by major oil producers in the months ahead is something that the world will have a keen eye for. What changed for oil markets in less than two months is the question that needs an answer. Greater compliance by OPEC + On 12th April 2020, the OPEC+ alliance agreed for 10 million barrel cut till June 2020, followed by 7.6 million a day until the end of the year, and then to 5.6 million through 2021 until April 2022. Accordingly, the review committee of OPEC which met in the first week of February 2021 said that the report card was very good and the aggregate compliance of the producers since it came into effect in May 2020 was at an ... » Learn More about Why crude oil prices shot up by 21% this year

U.S. crude settled down 3 cents to $61.67 a barrel, still close to its highest levels since January 2020. Brent crude settled up 13 cents, or 0.2%, to $65.37 a barrel. Both contracts rose more than $1 earlier before retreating. Shale oil producers and refiners in the southern United States are slowly resuming production after 2 million barrels per day (bpd) of crude output and nearly 20% of U.S. refining capacity shut down because of last week's winter storm. Traffic at the Houston ship channel was slowly returning to normal. Production, however, was not expected to fully restart soon and some shale producers forecast lower oil output in the first quarter. Some oil production may never come back, commodities merchant Trafigura said on Tuesday. After the cold snap, U.S. crude oil stockpiles were also seen falling for a fifth straight week, while the inventories of refined products also declined last week, an extended Reuters poll showed. "It appears that last week’s ... » Learn More about Crude oil settles mixed amid post-storm uncertainty

SINGAPORE: Oil prices edged up on Tuesday to their highest in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets.Brent crude futures for April gained 29 cents, or 0.5%, to $60.85 a barrel by 0246 GMT. U.S. West Texas Intermediate crude (WTI) for March was at $58.25 a barrel, up 28 cents, or 0.5%.Both Brent and WTI are at their highest since January 2020. Front-month prices for both contracts are up for the seventh session on Tuesday, the longest win streak since January 2019.Additional supply reductions by top exporter Saudi Arabia in February and March, on top of cuts by producers in the Organization of the Petroleum Exporting Countries and their allies, are tightening supplies and balancing global markets.Investors are also pinning hopes on oil demand recovery when COVID-19 vaccines take effect. A weak dollar has also helped shored up prices of commodities."Progress on U.S. stimulus and optimism around the roll-out and effect of ... » Learn More about Crude oil price hits 13-month high supported by supply cuts, demand optimism

JAKARTA: Indonesian state oil company PT Pertamina is estimated to increase its crude oil imports by 50.4 per cent this year compared to 2020, its chief executive officer said on Tuesday, in an effort to reduce its current account deficit.The practice, which has been used since the middle of last year, will be more cost-effective, with Pertamina importing cheaper crude while exporting the more expensive Indonesian crude, Pertamina CEO Nicke Widyawati told parliament."If we export domestic crude while importing from elsewhere, the price difference will improve our current account deficit," Nicke said.Pertamina is estimated to import 118.4 million barrels of crude oil this year, compared to the 78.7 million barrels imported in 2020. This also surpasses crude imports in 2019, when the company took in 86.9 million barrels.The Indonesian energy ministry issued a regulation in 2018 asking oil and gas contractors to prioritise Pertamina and other domestic refinery operators as buyers for ... » Learn More about Indonesia’s Pertamina 2021 crude oil imports seen up 50.4 per cent y/y

India 's crude oil processing registered its second straight year-on-year gain in January, while hitting a more than one-year high, as fuel demand improved on the back of a gradual increase in industrial and economic activity. Crude oil throughput in January rose 0.6% year on year to 5.16 million barrels per day (21.81 million tonnes), the highest since November 2019, provisional government data showed on Friday. Throughput was also up 3.8% from the previous month. India's factory activity expanded at its strongest pace in three months in January, fuelled by a continued recovery in demand and output, according to a private survey. However, an uptick in global oil prices posed a roadblock to the gradual recovery in demand. Indian refiners operated at an average rate of 102.8% in January, slightly up from 102.6% in the same month last year and above December's 99.1%, the government data showed. Refineries can operate at more than their usual capacity through technical ... » Learn More about India’s January crude processing scales over 1-year peak

New Delhi: India 's crude oil processing registered its second straight year-on-year gain in January, while hitting a more than one-year high, as fuel demand improved on the back of a gradual increase in industrial and economic activity. Crude oil throughput in January rose 0.6% year on year to 5.16 million barrels per day (21.81 million tonnes), the highest since November 2019, provisional government data showed on Friday. Throughput was also up 3.8% from the previous month. India's factory activity expanded at its strongest pace in three months in January, fuelled by a continued recovery in demand and output, according to a private survey. However, an uptick in global oil prices posed a roadblock to the gradual recovery in demand. Indian refiners operated at an average rate of 102.8% in January, slightly up from 102.6% in the same month last year and above December's 99.1%, the government data showed. Refineries can operate at more than their usual capacity ... » Learn More about India’s monthly crude processing at one-year high in January

MUMBAI: The Oil & Natural Gas Corp stock is on course to register its best monthly performance since the January of 2013, and if global oil prices are any indication, it may just have taken off Shares of the state-owned oil producer have rallied nearly 21 per cent so far in February and 64 per cent since the beginning of November on the back surging global crude oil prices. Fortunes of the company, which produces two-thirds of all crude oil in the country, moves in line with global crude oil prices, as they affect its average realisation from every barrel of the oil sold. Global crude oil benchmark Brent has risen for four successive months and registered gains of over 70 per cent amid supply cuts by the Opec cartel and optimism for demand growth as global economies recover from Covid-19 shock. Analysts at Goldman Sachs and Morgan Stanley are projecting Brent crude price to hit as high $75 a barrel by the end of the September quarter, implying a surge of another 15 ... » Learn More about ONGC is rallying like it’s 2013 as surging oil prices boost outlook

Baghdad: The Iraqi Republic Railway Company (IRR) announced that it has resumed limited transportation of oil derivatives from the country's central region to the south in an attempt to revive the railway sector.On Sunday, the government-owned corporation also announced the rehabilitation of 100 of its rail tank cars by the company's workers, who also rebuilt many of the company's damaged buildings and equipment, Xinhua news agency quoted the local al-Sabah newspaper as saying in a report.Under a contract signed with the Ministry of Oil, the IRR is currently transporting 1,000 cubic metres of oil derivatives a day from the Baiji oil refinery in Salahudin province in the north of Baghdad to Umm Qasr Port in the southern province of Basra, said Talib al-Husseiny, head of the IRR.Al-Husseiny pointed out that the contract will turn the railway company to be one of the profitable companies.Moreover, "the company has a contract to import 250 new rail tank cars, of which 39 have arrived in ... » Learn More about Iraq resumes transporting oil derivatives by train

SINGAPORE: Oil prices edged up on Tuesday to their highest in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets.Brent crude futures for April gained 29 cents, or 0.5%, to $60.85 a barrel by 0246 GMT. U.S. West Texas Intermediate crude (WTI) for March was at $58.25 a barrel, up 28 cents, or 0.5%.Both Brent and WTI are at their highest since January 2020. Front-month prices for both contracts are up for the seventh session on Tuesday, the longest win streak since January 2019.Additional supply reductions by top exporter Saudi Arabia in February and March, on top of cuts by producers in the Organization of the Petroleum Exporting Countries and their allies, are tightening supplies and balancing global markets.Investors are also pinning hopes on oil demand recovery when COVID-19 vaccines take effect. A weak dollar has also helped shored up prices of commodities."Progress on U.S. stimulus and optimism around the roll-out and effect of ... » Learn More about Oil climbs to 13-mth highs, as supply cuts, demand optimism support