Thursday, 22 September 2016

Natural Gas Inventory Call

Crude oil, natural gas output drops in August 
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Domestic crude oil output fell 3.93 per cent in August 2016, while natural gas output dropped by 5.72 per  cent, according to data released by the Ministry of Petroleum and Natural Gas. Domestic crude oil production stood at 3.067 million tonnes in the month of August 2016 compared witho 3.193 million tonne in the same month last year. Natural gas production stood at 2.674 billion cubic meter ( 2.836 billion cubic metre). Further, refinery throughput during the month grew 3.46 per cent during the month to 20.290 mt against 19.611 mt in the same month last year.

Crude oil futures jump to Rs. 3,075 per barrel  
Crude oil rose 0.95 per cent to Rs. 3,075 per barrel at the futures market today as speculators widened their bets, taking positive cues from the Asian markets. At the Multi Commodity Exchange, crude oil for delivery in October was trading higher by Rs. 29 or 0.95 per cent at Rs. 3,075 per barrel in a business turnover of 4,061 lots. Likewise, the oil for delivery in November gained Rs. 28 or 0.90 per cent to Rs. 3,129 per barrel in 98 lots.  

Analysts said speculative positions built up by traders after crude oil prices climbed in Asian markets today, building on the previous day’s gains following a bigger-than-forecast fall in US stockpiles, and a plunge in the dollar after the Federal Reserve kept interest rates on hold, influenced crude futures here.  

The commodity had rallied on Wednesday after the US Department of Energy said inventories had tumbled by more than six million barrels last week, almost twice as much was expected, indicating a pick-up in demand in the world’s top economy.  

Meanwhile, West Texas Intermediate crude was up 45 cents at $45.79, while global benchmark Brent added 48 cents to $47.31 a barrel. Both contracts climbed more than two per cent Wednesday. The gains were given extra momentum by the a weaker dollar, which makes oil cheaper for people holding other currencies.

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