BSH: ENERGY Outlook: Crude oil at WTI and Brent gave away gains during US session and slipped around 2% to close near the $53.60 and $58.75 per barrel mark for active February expiry. Oil initially gained on expectations that production related problems in Libya have extended from the weekend whereas comments from former Saudi Government official too supported. With broad bias remaining down due to global oversupply, markets gave less importance to the small cut from Libya and once again pushed the momentum towards sell side. We are seeing flattish to marginally weaker trade in oil on Tuesday morning with stance continuing to be down. Additionally, initially expectations over US inventory report too stand weaker wherein product stocks are seen growing amidst higher refinery runs and subdued demand. Crude stockpiles in the US are expected to remain at 387.2 million barrels same as prior week, Bloomberg survey showed. In Products, both Gasoline and Distillate stocks are seen rising by around 2 million barrels each putting weight on the commodity We maintain selling stance in the commodity on small pullbacks today.
Posted on: Tue, 30 Dec 2014 09:20:04 +0000
Trending Topics
Recently Viewed Topics
© 2015