Brent crude futures benefit on Black Sea storm

Brent crude futures benefit on Black Sea storm

by admin- Friday, March 25th, 2022 08:15:03 AM

Crude exports from Kazakhstan’s Caspian Pipeline Consortium terminal got here to a standstill after it was broken through a typhoon on Black Sea coast
Brent crude oil futures received on the reports of damage to a crude oil export terminal at the Black Sea following a typhoon, and due to decline within the US crude oil inventories.

At the time of filing this record, May Brent oil futures have been at $120.Ninety two, up with the aid of four.Seventy one per cent; and May crude oil futures on WTI at $114.14, down by using 0.Sixty nine in line with cent.

April crude oil futures had been trading at ₹8738 on Multi Commodity Exchange (MCX) inside the initial hour of Thursday morning towards the previous close of ₹8731, up through 0.08 per cent; and May futures were buying and selling at ₹8536 against the preceding close of ₹8539, down via 0.04 in line with cent.
Reports said that crude exports from Kazakhstan’s CPC (Caspian Pipeline Consortium) terminal got here to a standstill after it changed into broken via a hurricane. This pipeline consists of about 1.2 million barrels an afternoon of Kazakh crude to a Russian port on Black Sea coast.

Meanwhile, the Weekly Petroleum Status Report for the week ended March 18, which became launched through the US Energy Information Administration on Wednesday, stated that america crude oil imports averaged 6.5 million barrels a day in the course of the week, up by means of ninety two,000 barrels a day from the preceding week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels a day, 9.1 in keeping with cent more than the equal four-week period final 12 months.

The US commercial crude oil inventories (excluding the ones within the strategic petroleum reserve) reduced by using 2.5 million barrels from the previous week. At 413.4 million barrels, US crude oil inventories are about 13 in keeping with cent beneath the five-year common for this time of 12 months, the record said.

In rupee terms crude oil has guide at ₹8,510-8,240; whilst resistance is at ₹8,900–nine,050.”

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