Nymex crude oil prices increased by 1.7 percent Wednesday, taking cues from a more-than-expected decline in US gasoline and distillate inventories coupled with positive economic data from the US.
Additionally, a weaker dollar also acted as a positive factor for the commodity. Oil prices touched an intra-day high of $103.13/bbl and closed at $102.7/bbl in Wednesday’s trading session.
On the MCX, prices gained by 1.5 percent and closed at Rs.5,312/bbl after touching an intraday high of Rs.5,318/bbl on Wednesday.
EIA Inventories Data
As per the US Energy Department (EIA) report released yesterday, US crude oil inventories raised more than expected by 2.8 million barrels to 365.2 million barrels for the week ending on 6th April, 2012.
Gasoline stocks dropped more than expected by 4.3 million barrels to 217.6 million barrels and whereas distillate stockpiles also declined surprisingly by 4.0 million barrels to 131.9 million barrels for the last week.
Natural Gas
Nymex natural gas prices declined around 2.7 percent in Wednesday’s trading session on the back of expectations of rise in US natural gas inventories coupled with warm spring season.
Gas prices slid below the $2 level for the first time since January 2002 and closed at $1.973/mmbtu after touching an intra-day low of $1.972/mmbtu.
On the MCX, prices declined by 2.2 percent and closed at Rs.104.2/mmbtu after touching an intra-day low of Rs.103.8/mmbtu on Wednesday.
EIA Inventories Forecast
US Energy Information Administration (EIA) is scheduled to release its weekly inventories and US natural gas inventory are expected to increase by 22 billion cubic feet (bcf) for the week ending on 6th April 2012.
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Crude Oil Trades Higher On US Economic Data: April 15, 2012
Published 04/12/2012, 08:28 AM
Updated 05/14/2017, 06:45 AM
Crude Oil Trades Higher On US Economic Data: April 15, 2012
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