Oil Archives - DigitalMedia

Record rally in crude prices sends petrol up 30 paise, diesel 37 paise; LPG surges by Rs 15

6Oct

By Administrator_IndiaNo Comments

Oil

Record rally in crude prices sends petrol up 30 paise, diesel 37 paise; LPG surges by Rs 15

By Administrator_India Capital Sands Fuel prices kept on breaking records with petrol being raised by 26 to 30 paise and diesel by 34 to 37 paise across the country on Wednesday on the back of crude oil soaring to 2014 highs in the international markets. The latest round of hike sent the petrol price in Delhi to its record high of Rs 102.94 a litre and to Rs 108.96 in Mumbai. Diesel rates, too, touched a record Rs 91.42 in Delhi and Rs 99.17 in Mumbai. In Kolkata, petrol prices soared to Rs 103.65 per litre and diesel prices to Rs 94.53 per litre on the day, while in Chennai, the fuels sold for Rs 100.49 a litre and Rs 95.93 a litre. Petrol and diesel prices differ across states, depending on the incidence of local taxes. Meanwhile, Mahanagar Gas increased the retail pric...

Oil prices advance amid U.S. supply tightness signals

21Sep

By Administrator_IndiaNo Comments

Oil

Oil prices advance amid U.S. supply tightness signals

By Administrator_India Capital Sands Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande. Brent crude gained 52 cents or 0.7% to $74.44 a barrel by 0212 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI), which expires later on Tuesday, was up 61 cents or 0.9 at $70.90 after dropping 2.3% in the previous session. Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said. "While slowing Chinese economic growth ...

Oil Up, Fuel Demand Outlook Clears Over Full Vaccine Approval

24Aug

By Administrator_IndiaNo Comments

Oil

Oil Up, Fuel Demand Outlook Clears Over Full Vaccine Approval

By Administrator_India Capital Sands Oil was up Tuesday morning in Asia, with the U.S. granting the first global full approval for a COVID-19 vaccine, and the expected boost in vaccination rates to follow, increasing hopes for higher fuel demand. Brent oil futures edged up 0.12% to $68.45 by 11:32 PM ET and WTI futures edged up 0.12% to $65.72. Both Brent and WTI futures jumped more than 5% on Monday after recording their biggest week of losses in more than nine months during the past week. The FDA followed up the emergency use authorization it gave the Pfizer Inc/ BioNtech SE two-dose vaccine in December 2020 with a full approval for use in those 16 and up. Hopes are rising that the regulator’s approval will boost the U.S. vaccination drive by convincing unvaccinated Ameri...

Explained | What are oil bonds and are they to blame for high fuel prices?

19Aug

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Oil

Explained | What are oil bonds and are they to blame for high fuel prices?

By Administrator_India Capital Sands The oil bonds issued by the UPA government to insulate consumers from crude price shocks have snowballed into a political rallying point. The Modi-led NDA government has blamed these oil bonds that are hitting payback time now for the Centre’s inability to cut taxes and enable cheaper petrol and diesel. Here’s a lowdown on the issues. What are oil bonds? Oil bonds are issued by the government to compensate oil marketing companies (OMCs) to offset losses that they suffer to shield consumers from rising crude oil prices. The government issued these bonds mainly during 2005 to 2010. Why were these bonds issued? These bonds were issued to OMCs in lieu of cash at a time when the central government used to administer or fix petrol and die...

Oil falls a second day after IEA warns of slowdown in demand

13Aug

By Administrator_IndiaNo Comments

Oil

Oil falls a second day after IEA warns of slowdown in demand

By Administrator_India Capital Sands Oil prices fell for a second day on Friday after the IEA warned that demand growth for crude and its products had slowed sharply as surging cases of COVID-19 worldwide has forced governments to revive restrictions on movement. Brent crude was down 31 cents, or 0.4%, at $71.00 a barrel by 0046 GMT, after dropping 13 cents in the previous session. U.S. crude was off by 33 cents, or 0.5%, at $68.76 a barrel, having fallen 0.2% on Thursday. The benchmarks are still heading for a slight gain this week. ”We now see the global demand recovery stalling this month with oil demand only reaching 98.3 million barrels per day (mbd) in August and averaging 97.9 mbd in September, on par with the nearly 98 mbd average in July,” JPM Commodities Research said...

Oil Rebounds After Industry Report Shows Shrinking U.S. Supplies

28Jul

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Oil

Oil Rebounds After Industry Report Shows Shrinking U.S. Supplies

By Administrator_India Capital Sands Oil rebounded in post-market trading after an industry report showed declining U.S. inventories. Futures in New York edged up after closing 0.4% lower on Tuesday. Domestic crude supplies fell 4.73 million barrels last week, according to people familiar with data from the industry-funded American Petroleum Institute. Gasoline stockpiles declined 6.23 million barrels, the API said. The fuel supply drop would be the largest since March if U.S. government data confirms it Wednesday. U.S. benchmark crude futures are poised for the second monthly drop since October with the delta variant interrupting a rebound in demand. Though global inventories are expected to tighten through the end of the year, new movement restrictions have dampened fuel cons...

Oil inches up as tight supply, vaccinations outweigh virus concerns

27Jul

By Administrator_IndiaNo Comments

Oil

Oil inches up as tight supply, vaccinations outweigh virus concerns

By Administrator_India Capital Sands Oil prices were steady on Tuesday with investors betting tight supply and rising vaccination rates will help offset any impact on demand due to surging COVID-19 cases worldwide. Brent crude futures climbed 13 cents, or 0.2%, to $74.63 a barrel at 0128 GMT, extending a 0.5% gain on Monday. U.S. West Texas Intermediate (WTI) crude futures rose 4 cents to $71.95 a barrel, after losing 16 cents on Monday. Benchmark prices rose even after the United States issued travel warnings to Spain and Portugal due to rising COVID-19 cases and a White House official told Reuters that wider travel curbs will not be lifted due to the highly infectious Delta variant and rising domestic infections. In one encouraging sign, Britain reported its lowest dail...

Oil Down, But Remains Above $70 Mark as Tight Market Hopes Prevail

23Jul

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Oil

Oil Down, But Remains Above $70 Mark as Tight Market Hopes Prevail

By Administrator_India Capital Sands Oil was down Friday morning in Asia, but held onto the bulk of a three-day advance, as optimism that rising demand will tighten the global market prevailed. Brent oil futures were down 0.37% to $73.52 by 11:24 PM ET (3:24 AM GMT). WTI futures fell 0.38% to $71.64 and was 0.3% lower in early Asian trading after rallying more than 8% in the preceding three sessions. However, both Brent and WTI futures remained above the $70-mark, and prices were almost unchanged as the week draws to a close. The black liquid has clawed back almost all its losses from earlier in the week, when concerns about the rising number of COVID-19 cases involving the Delta variant globally clouded the fuel demand outlook and the Organization of Petroleum Exporting Countr...

Oil Down, Even as U.S. Fuel Inventory Fall Indicates Demand Surge

9Jul

By Administrator_IndiaNo Comments

Oil

Oil Down, Even as U.S. Fuel Inventory Fall Indicates Demand Surge

By Administrator_India Capital Sands Oil was down Friday morning in Asia even as data released on Thursday said U.S. fuel inventories fell and demand surged as economic recovery drove consumption. Brent oil futures fell 0.32% to $73.88 by 10:10 PM ET (2:10 AM GMT) and crude oil WTI futures edged down 0.18% to $72.81. Crude oil supply data from the U.S. Energy Information Administration (EIA) showed a draw of 6.866 million barrels. Forecasts prepared by Investing.com predicted a 4.033 million-barrel draw, while a 6.718 million-barrel draw was recorded during the previous week. The EIA also said fuel demand surged to 10 million barrels a day in the week before Jul. 4 U.S. holiday. Meanwhile, crude oil supply data from the American Petroleum Institute released a day before show...

Oil price falls but sentiment stays strong on demand recovery hopes

22Jun

By Administrator_IndiaNo Comments

Oil

Oil price falls but sentiment stays strong on demand recovery hopes

By Administrator_India Capital Sands Crude dropped on Tuesday as investors cashed in on a recent rally, but market sentiment remained solid on hopes for a quick recovery in oil demand in the U.S. and European markets and fading expectations for an early return of Iranian crude. Brent crude futures for August eased 10 cents, or 0.1%, to $74.80 a barrel by 0110 GMT, while U.S. West Texas Intermediate (WTI) crude for July was at $73.44 a barrel, down 22 cents, or 0.3%. WTI for August fell 15 cents, or 0.2%, to 72.97 a barrel. Brent gained 1.9% and WTI jumped 2.8% on Monday. Both benchmarks have risen for the past four weeks on optimism over the pace of global COVID-19 vaccinations and expected pick-up in summer travel. The rebound has pushed up spot premiums for crude in Asia a...