Crude Oil: Price gains on easing oversupply concerns Crude oil posted its biggest weekly gain in the last week of July this year since late May with a hike on Friday as data this week eased concerns about surplus supplies, after Saudi Arabia pledged to lower imports while U.S. crude supplies fell more than expected.The market was strengthened by larger than expected inventory drawdowns on Wednesday and signals from Saudi Arabia that the world's biggest oil producer would further reduce output in August.Saudi Arabia pledged earlier this week to lower crude exports to 6.6 million barrels per day (bpd) in August, almost 1 million bpd below the level last year.The US crude futures settled at US$49.71 a barrel, up US$3.94 from previous week while European Brent crude futures settled at US$48.06 a barrel, rose US$4.46on the week. U.S. crude futures gained 8.6 percent for the week while Brent climbed 9.3 per cent. The gains in Brent pushed the difference between the two benchmarks to the widest in two months. Oilfield services firm Baker Hughes reported its weekly count of oil rigs operating in the United States ticked down by two rig to a total of 766. For the month, 10…
Crude Oil Crude oil prices plunged to 5-month lows in May amid record trading volume in Brent crude, as OPEC and other producers apparently ruled out deeper production cuts to reduce the global bloating inventories and supply glut.Prices were also pressuredon worries that US President's withdrawal from the climate accord could accelerate US production and flood the global oil market. US crude prices declined 5.3% on the month while Brent was down 4.9%as compared to previous month’s average. US Futures averaged US$48.49 a barrel, down US$2.72 from Apriland Brent averaged US$51.30a barrel, down US$2.63 on the month.Asian naphtha market continued its downward trajectory as cracks declined due to increasing length and softening demand. Reports from traders said that the market is getting weaker. The market remained soft, as cargoes continued to flow out from India, and less-than-expected demand was seen from Taiwan as it had last bought 100,000 ton for H2 June delivery.ForMay, spot naphtha prices fell 7.9% on the month to average US$439.58 a ton CFR Japan. Polyester Chain Ethylene prices continued to plunge in Asian markets, touching their 16-month lows in May under pressure from rising supply.In Europe, spot ethylene prices declined as markets remained bearish ahead of…
India's overall exportdrops in july India’s merchandise exportin July 2016 was valued at US$21.69 billion (INR145,770 crore),down6.8 per cent (1.6 per cent lower in INR terms) compared to the levels in July 2015. Total exports for the period April-July2016-17 was down 3.6 per cent at US$87 billion (INR528,731 crore, up 1.6 per cent) over the same period last year. Imports in July 2016 were valued at US$29.5 billion (INR197,932 crore) and were 19 per cent lower (14.5 per cent lower in INR terms) over the level of imports in July 2015. Cumulative imports for the period April-July 2016-17 was at US$113.99billion, down 16.3 per cent (INR763,687 crore, down 11.8 per cent) over the same period last year. Crude oil imports declined 28.1 per centin July 2016 and 25 per cent drop during April-July 2016-17. In similar comparison, non-oil imports were 15.8 per cent lower in July 2016 and 13.4 per cent lower in April-July 2016-17. As a result, trade deficit for April-July, 2016-17 was at US$26.99 billion, which was lower than the deficit of US$45.98 billion in April-July, 2015-16. Indian textile sector may get hurt by TPP Textile and clothing sector accounts for roughly 5 per cent of India’s GDP,…
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