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Crude Oil Surges On Hopes Of Decline In US Gasoline: April 18, 2012

ByCommodityOnline
Published 04/18/2012, 08:52 AM
Updated 05/14/2017, 06:45 AM
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Nymex crude oil prices increased by 1.2 percent on Tuesday taking cues from more than expected decline in US gasoline and distillate inventories from American Petroleum Institute (API) report, reversal of seaway pipeline news along with International Monetary Fund enhancing its growth outlook.

Additionally, a weaker dollar index coupled with positive economic data from the Euro Zone front also helped upside in oil prices. On the MCX, crude oil prices gained by 0.9 percent and closed at Rs.5,365/bbl after touching an intra-day high of Rs.5,403/bbl on Tuesday.

API Inventories Data

As per the American Petroleum Institute (API) report released yesterday, US crude oil inventories increased more than expected by 3.4 million barrels for the week ending on 13th April 2012.

However, gasoline inventories declined by 2.6 million barrels and whereas distillate inventories also dropped by 2.4 million barrels for the same week.

EIA Inventories Forecast

The US Energy Department (EIA) is scheduled to release it weekly inventories report today at 8:00pm IST and US crude oil inventories are expected to increase by 1.4 million barrels for the week ending on 13th April 2012.

Gasoline stocks are expected to decline by 0.9 million barrels whereas distillate inventories are also expected to fall by 0.2 million barrels for the same period.

News

The International Monetary Fund (IMF) revised it growth outlook for the first time since January 2011. The world economy will grow by 3.5 percent in current year from previous forecast of 3.3 percent.

As per the IMF, crude oil prices will increase as much as by 10 percent in 2012 on account of rising demand and possibility of supply disruptions.

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