• Oil and natural gas daily review (September 02, 2015)

    Crude Oil

    WTI oil prices declined by 7.7 percent on Tuesday to close at $45.4 per barrel as weak Chinese data extended a roller-coaster run that knocked oil to its lowest in 6-1/2 years last week before frenzied short-covering fueled a 25 percent three-session surge.

    On the MCX, oil prices declined by 5.3 percent to close at Rs.3058 per barrel.

    EIA inventory forecast

    The EIA crude inventory due to be released tonight is expected to show that stocks to remain unchanged. Stocks of gasoline were seen falling 1.3 million barrels last week, while distillate inventories, which include heating oil and diesel fuel, probably rose by about 900,000 barrels.


    On an intraday basis, we expect oil prices to fall continuing its weakness from the previous trading session as weak Chinese data creates concerns on the demand side.

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

    Contributed by Angel Broking
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