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Crude oil futures closed bigger in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as a second straight drop in US crude oil supplies eased fears over a US supply glut. US crude oil stockpiles fell by 2.19 million barrels to 484.8 million barrels in the week ended May 8, 2015, the EIA reported. Meanwhile, gasoline supplies fell 1.1 million barrels, while distillate stockpiles slided by 2.5 million barrels. The International Energy Agency (IEA) raised its forecast for global oil consumption in 2015 by 50,000 barrels/day with world crude desired set to increase by 1.1 million barrels a day this year, or 1.2 %, to average 93.6 million barrels. The agency upgraded its forecast for Non OPEC output growth by 200,000 barrels per day this year amid “surprisingly strong” production in Q1 from the likes of Russia, China, Colombia, Vietnam and Malaysia. US retail sales were little changed in April, compared to expectations of a 0.2 per cent rise, signaling weakness in the world’s largest economy, clouding the demand outlook for the fuel, curbing gains in oil futures. Oil may fall today as IEA’s warning over escalating OPEC supplies and higher production from Non OPEC countries such as Russia may keep oil bulls quiet.
At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,909 per barrel, up by 0.57 per cent, after opening at Rs 3,900, against the last close price of Rs 3,887. It touched an intraday high of Rs 3,965 till the closing.
Jeera prices closed lower by 0.8 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export demand. At NCDEX, jeera futures for May 2015 contract closed at Rs. 17,450 per quintal, down by 0.8 per cent, after opening at Rs. 17,585 against the previous closing price of Rs. 17,590. It touched the intra-day low of Rs. 17,345.
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