• Oil and natural gas daily review (September 16, 2015)

    Crude Oil

    WTI oil prices rose by 1.3 percent on Tuesday to close at $44.6 per barrel following a report that indicated a drawdown in weekly inventory levels. Market intelligence firm Genscape estimated a 1.8 million-barrel drop last week at the Cushing, Oklahoma delivery point for U.S. crude.

    Japanese manufacturers' confidence slumped the most in a year in September to an eight-month low and is forecast to worsen further as fears of a China-led global economic slowdown grow, a Reuters poll showed.

    On the MCX, oil prices rose by 1.1 percent to close at Rs.2955 per barrel.

    EIA inventory forecast

    EIA crude oil inventories report due tonight is expected to show that crude stocks rose 1.2 million barrels in the week ended Sept 11. Gasoline stocks were seen flat last week, while distillate inventories, which include heating oil and diesel fuel, probably rose by one million barrels.


    Oil prices are expected to trade sideways to lower today as major fundamentals of the commodity remain bearish with oversupplies on one hand and bleak demand on the other hand. Japanese manufacturers confidence worsening and slowdown in China economy are negative factors for oil prices in the near term.

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

    Contributed by Angel Broking
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