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Crude Oil Tumbles On China's Demand Concerns: April 24, 2012

ByCommodityOnline
Published 04/24/2012, 08:46 AM
Updated 05/14/2017, 06:45 AM
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Nymex crude oil prices declined around 1 percent yesterday taking cues from slowdown in crude oil consumption in China coupled with a stronger Dollar Index. 

China’s crude oil demand dropped to 9.51 million barrels a day in March which at the lowest level since October 2011. The country ranks second in consumption of world crude oil at 11 percent in 2010 only after US which accounted for 21 percent of world crude oil in same year. 

As per the International Energy Agency (IEA) China increased the retail gasoline and diesel prices in last month which will further reduce the demand for the commodity.

Oil prices touched an intra-day low of $101.82/bbl and closed at $103.11/bbl in yesterday’s trading session. On the MCX, crude oil prices gained by 0.1 percent on account of depreciation in the Indian rupee and closed at Rs.5,443/bbl after touching an intra-day high of Rs.5,451/bbl on Monday.

API Inventories Forecast

The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to increase by 2.9 million barrels for the week ending on 20th April 2012. 

Gasoline stocks are expected to decline by 0.7 million barrels and distillate inventories are expected to rise by 0.3 million barrels for the same week. 

Natural Gas

Nymex natural gas prices increased by 4.6 percent yesterday on the back of industrial demand for the commodity and a freezing storm hit the North Eastern coast. However, further upside in prices was restricted on account of a stronger dollar index. 

Gas prices touched an intra-day high of $ 2.022/mmbtu and closed at $ 2.02/mmbtu yesterday. On the MCX, gas prices gained by 4 percent and closed at Rs.104.8/mmbtu after touching an intra-day high of Rs.106/mmbtu on Monday.

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