• Oil and natural gas daily review (October 10, 2015)

    Crude Oil

    On Wednesday, WTI oil prices declined by 0.3 percent to close at $45.1 per barrel after data showing a surge in domestic inventories while Brent oil rose on worries about Russian airstrikes in Syria. For the quarter, both Brent and U.S. crude were down 24 percent for their sharpest decline since the end of 2014.

    Oil prices were broadly boosted in early trade by concern about a hurricane threatening energy infrastructure on the U.S. East Coast. Warplanes from Russia carried out air strikes against Islamic State targets in Syria, feeding worries about growing war in the Middle East.

    On the MCX, oil prices declined by 1.6 percent to close at Rs.2979 per barrel.

    EIA inventory update

    Crude inventories rose 4 million barrels to 457.9 million in the week to Sept. 25, Gasoline stocks rose 3.3 million barrels Distillate stockpiles, which include diesel and heating oil, fell 267,000 barrels,

    Natural gas

    NYMEX natural gas prices declined by 2.5 percent on Wednesday to close at $2.69 per MMbtu while MCX gas prices declined by 3.25 percent to close at Rs.166.70 per MMbtu. Rising inventories and moderate climate remains a cause of concern for natural gas prices.


    On an intraday basis, we expect oil prices to trade sideways to higher as strike by Russian airstrikes on Syria raises geo-political worries, although there are no disturbances on the supply side. Surge in domestic inventories in the US however remains a cause of concern exerting downside pressure on WTI oil prices.

    On the MCX, oil prices are expected to trade sideways to higher today.

    Contributed by Angel Broking
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