Crude Oil Ends Lower On Sluggish Demand Outlook

Crude oil futures ended lower in the domestic market on Friday in the midst of a miniscule build in US oil rigs last week. Oil services firm Baker Hughes said the US oil rig count for the week ending on Oct. 16 fell by 1 to 594. It marked the eighth straight week of weekly declines, as US production continues to hover near 2015 yearly lows. Energy traders have kept a close eye on the rig count since a shocking move by OPEC last November triggered a downturn in global oil prices. However, losses were limited as signs of a pickup in the 19-member Euro area economy bolstered the demand outlook for the fuel. A combined gauge measuring Euro area manufacturing and services climbed to the highest level in two months at 54 in Oct, with a reading above 50 signaling expansion, Markit Economics said. Meanwhile, the ECB also indicated that it may boost its QE program to accelerate the region’s economic recovery, auguring well for crude oil. Bargain buying also limited the losses as prices hit a near-three week low after the EIA reported an 8 million barrels rise in US oil supplies last week, raising fears over a global supply glut. At the MCX, Crude oil futures, for the Oct 2015 contract, closed at Rs 2,927 per barrel, down by 0.81 per cent, after opening at Rs 2,956, against the previous close price of Rs 2,951. It touched an intraday low of Rs 2,895. 

Read More - Free commodity Tips

Continue reading →

Crude Oil Ends Lower On Sluggish US Data

Crude oil futures ended lower in the domestic market on Thursday after number of people who filed for unemployment assistance in the US rose last week, holding close to the lowest level in 42 years indicating a weak labor market in US, world’s largest consumer of crude oil which reduced the demand outlook for the fuel. The US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 17 increased by 3,000 to a seasonally adjusted 259,000 from the previous week’s total of 256,000. Sentiment weakened further after US crude oil inventories rose more-than-expected last month. In a report, Energy Information Administration said that US Crude Oil Inventories rose to a seasonally adjusted annual rate of 8.028M, from 7.562M in the preceding month. At the MCX, Crude oil futures, for the November 2015 contract, closed at Rs 2,951 per barrel, down by 0.71 per cent, after opening at Rs 2,983, against the previous close price of Rs 2,972. It touched an intraday low of Rs 2,943.

Read more - Mcx Crude oil News

Continue reading →

Crude Oil futures Spiked By More Than 2 % in the Domestic Market

Crude oil futures spiked by more than 2 per cent in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a positive trend in the overseas market as a seventh straight drop in US weekly rig count signaled lower production ahead in the world’s biggest oil consuming nation, easing concerns over a global supply glut.
 

The number of rigs drilling for oil in the US fell by 10 to 595 last week, Baker Hughes said.
 

Investors shrugged off mixed US economic data which showed a second straight drop in factory output in September but consumer sentiment improved this month, signaling uncertainty over the demand outlook for the fuel in the world’s biggest economy.
 

US manufacturing production fell 0.1 per cent in September 2015 from the previous month, while industrial output declined 0.2 per cent. However, the gauge measuring US consumer sentiment climbed to 92.1 in October, the first increase in four months, from 87.2 in September.
 

Oil may fall today as the slowest expansion in China’s GDP growth since Q1 2009 in Q3 2015 signals diminished demand prospects from the world’s second biggest oil consuming nation.
 

At the MCX, Crude oil futures, for the October 2015 contract, closed at Rs 3,055 per barrel, up by 2.31 per cent, after opening at Rs 3,008, against the previous close price of Rs 2,986. It touched an intraday high of Rs 3,075.

Read more - Crude Oil News

Continue reading →

Crude Oil Futures Surged By Over 3.5 % in the Domestic Market

Crude oil futures surged by over 3.5 per cent in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity amidst speculation that OPEC producers are likely to make steep cuts in investments that will ease production and stem a global supply surplus.

An OPEC official predicted a rebound in oil prices amid steep cuts in oil investments by OPEC countries that may trim supplies. The OPEC expects global oil and gas investments to be slashed by 22.4 per cent in 2015.

The EIA said that US crude oil output was 120,000 barrels per day lower in September than in August, predicting production to continue declining through next August. Speculation of a possible cooperation between OPEC and Non OPEC producers also bolstered prices.

A rise in US consumer confidence signaled a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. The IBD/TIPP Economic Optimism Index climbed to 47.3 in October from 42 in September.

Investors shrugged off a reduction in global growth forecasts in 2015 and 2016 by the IMF to 3.1 per cent and 3.6 per cent, respectively, from an earlier predicted 3.3 per cent and 3.8 per cent.

Oil may extend gains today after an industry report showed a 1.2 million barrels drop in US crude oil inventories last week, easing concerns over a global supply glut.

At the MCX, Crude oil futures, for the October 2015 contract, closed at Rs 3,137 per barrel, up by 3.53 per cent, after opening at Rs 3,032, against the previous close price of Rs 3,030. It touched an intraday high of Rs 3,179. 

 

Read More - Free commodity tips

Continue reading →

MCX Commodity Updates ~ Gold, Silver, Copper, Crude Oil Tips Today 05 April 2013

Gold fell for a fourth day on Friday, holding near its lowest point since May last year, as investors await U.S. jobs data for more clues on the health of the world's largest economy.

Strong employment data could prompt the U.S. Federal Reserve to end its bullion-friendly bond-buying programme earlier than expected and dent gold's safe haven appeal as worries 

about inflation ebb. A drop in bullion holdings in major gold exchange traded funds to their lowest level since August 2012 has also dragged on prices.

Gold eased $1.55 an ounce to $1,551.16 by 0314 GMT, heading for a second week of decline. It fell to a 10-month low at 1,539.74 on Thursday as it failed to react to the shock of the Bank of Japan's unprecedented monetary stimulus and hopes for another European Central Bank rate cut. China being absent from the physical market this week for a Thursday and Friday holiday has added to the overall weakness in metals, Lan also noted.

Bullion has slipped around 4 percent since hitting a hitting a 1-month high in March as investors dumped the precious metal in favour of more risky assets. U.S. gold for June delivery was at $1,551.20 an ounce, down $1.20. The U.S. nonfarm payrolls data due at 1230 GMT will likely show employers added 200,000 jobs last month after hiring 236,000 workers in February. 

Oil was up in Asia today as cautious traders waited for the release of US jobs data for March. New York's main contract, West Texas Intermediate light sweet crude for delivery in May, added 18 cents to USD 93.44 a barrel and Brent North Sea crude for May increased 16 cents to USD 106.50 in mid-morning trade.

Oil prices had fallen in New York yesterday in the wake of unexpectedly high US jobless claims and concerns about a supply glut in the world's largest economy and energy consumer. 

The US Labor Department will release its jobs and unemployment report later Friday. Most analysts have pencilled in US jobs growth of 192,000 in March, down from a February spike of 236,000.

Continue reading →

MCX Gold, Silver, Copper, Crude, Natural gas Report & News Today

Bullions: Gold prices may open on firm note tracking bounce back in international markets. MCX Gold is just 2.5% away from its previous record high of Rs 28744 while COMEX Gold is 5% down from its record high.

Ferrous and non ferrous metals: Base metals may remain under selling pressure and can trade lower.  Copper price may test the key support of 400 on domestic bourses. Copper prices slid to a 9-1/2-month low on Monday. Nickel may trade in range of 1,000-1,010 on domestic bourses.

Energy: Crude oil prices can also dip lower. Crude oil can test 4,100-4,050 on domestic bourses. Natural gas may trade in range of 180-190 in near term.

MCX Gold  October is currently trading at Rs. 27674, it is trading flat for the day. MCX Silver Dec contract is currently  trading at Rs. 63667, it is marginally up by Rs. 374 for the day. MCX Crude is  currently trading at Rs. 4153, it is up by Rs. 28 for the day. All Base Metals in MCX are trading on a flat note for the day.

Precious metals are trading marginally higher on COMEX today.

Industrial/Base metals are trading higher on International bourses today.
Crude oil is trading marginally higher on NYMEX today.

Free mcx trading tips, mcx gold tips, mcx silver tips, mcx ncdex commodity trading tips, free commodity tips, commodities tips, commodity prices, ncdex tips, ncdex commodity tips, commodity market tips, commodity tips on mobile, gold prices, silver prices

Continue reading →