• Oil and natural gas daily review (September 21, 2015)

    Crude Oil

    WTI oil prices gained marginally and Brent surged by more than 2 percent on Thursday after an industry report showed large supply draw and government data forecasting lower U.S. crude output.

    Also, weak Japanese data revived fears over the prospects for global growth. Japan's exports slowed a second straight month in August, a sign that China's economic slowdown could be damaging the world's third-biggest economy. Further, 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.

    However, investors remained cautious ahead of the Federal Reserve decision on the first US rate hike in nearly a decade. Besides, reports surfaced that Russia had refused to cooperate with OPEC (Organization of the Petroleum Exporting Countries) in an attempt to curb production.

    On the MCX, oil prices traded lower by 1 percent to close at Rs.2969 per barrel.


    Oil prices are expected to trade lower today as Saudi Arabia’s crude stockpiles rose to a record in July after exports by the world’s biggest oil shipper declined for the third time in four months in line with falling global demand. However, Futures market traders and large oil speculators raised their overall bullish bets in WTI oil futures last week for a fourth consecutive week and to the highest level since early August, as per latest Commodity Futures Trading Commission (CFTC) data.

    On the MCX, oil prices are expected to trade lower today in line with international trends.

    Contributed by Angel Broking
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