Angel Commoditie's report on Energy
Energy
Crude Oil
Oil prices declined on Monday with WTI and Brent prices falling by 0.7 and 2.2 percent respectively as the White House sent indications that negotiations with Iran on its nuclear program could extend beyond a deadline previously set for late Tuesday evening.
Severe economic sanctions against Iran over the last three years have limited the nation's oil exports to roughly a million barrels per day. The easing of sanctions could saturate global oil markets with a glut of Iranian oil, which could further depress crude prices.
U.S. crude oil stocks rose by 5.2 million barrels last week, according to data from the American Petroleum Institute, while distillate supplies fell 18,000 barrels and gasoline inventories dipped 4.1 million barrels.
On the MCX, oil prices rose by 0.3 percent and closed at Rs.3025/bbl despite Rupee appreciation.
Natural gas
U.S. natural gas futures surged by 0.5 percent on Tuesday despite forecasts for warmer weather over the next two weeks. MCX gas prices rose marginally by 0.2 percent and closed at Rs.167/MMbtu.
Outlook
Crude oil prices are expected to trade lower today owing to cautious stance ahead of jobs data from the US on Friday. However, sharp losses will be cushioned as U.S. industry data on oil inventories showed solid draw downs in refined products and a better than expected manufacturing survey from China
On the MCX, oil prices are expected to trade lower taking cues from weak international markets.
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