Tag Archives: MCX crude

Oil Down Slightly in Asia

18 Jul

Oil futures traded modestly lower in the early part of Thursday’s Asian session as traders in the region digested a swath of key central bank and data points out of the U.S. Wednesday.

On the New York Mercantile Exchange, light, sweet crude futures for September delivery fell 0.14% to USD106.21 per barrel in Asian trading Thursday.

Crude traded slightly higher Wednesday in the U.S. after the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 6.9 million barrels in the week ended July 12, blowing past expectations for a decline of 2 million barrels.

mcx crude oil

Total U.S. crude oil inventories stood at 367.0 million barrels as of last week. The report also showed that total motor gasoline inventories increased by 3.1 million barrels, confounding expectations for an decline of 0.5 million barrels.

Oil also got a small lift after the Fed’s Beige Book business survey, which encompasses the central bank’s 12 regional banks, showed manufacturing expanded in most regions since the last report. The report showed modest growth across 11 districts with Dallas showing strong growth.

In other economic news out Wednesday, the Commerce Department said U.S. housing starts fell 9.9% to a seasonally adjusted annual rate of 836,000 unit in June, the lowest reading since August 2012. Analysts expected starts to rise to 959,000 units. Bad weather was cited as one of the reasons for the slack reading.

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Meanwhile, Angola, a member of the Organization of Petroleum Exporting Countries, forecast its daily output for September will be 1.67 million barrels, well below the 2 million barrels per day target. The country expects to pump 1.7 million barrels a day next month. Angola is Africa’s second-largest oil producer behind fellow OPEC member Nigeria.

This year, Angola has averaged about 1.72 million barrels per day in production, below the daily average of 1.9 million barrels for Nigeria. Angola is banking on new offshore discoveries to boost output in the future.

Elsewhere, Brent futures for September delivery inched down 0.04% to USD108.63 per barrel on the ICE Futures Exchange.

India now Nigeria’s biggest crude oil buyer

15 Jul

India now leads the United States in the purchase of crude oil from Nigeria, Indian High Commissioner to Nigeria Mahesh Sachdev has said.

Read more: India now Nigeria’s biggest crude oil buyer.

India fourth biggest in Crude Steel production for third year: Minister

13 Jun

Chairing the meeting of the Parliamentary Consultative Committee attached to his Ministry here on Wednesday, he said that the crude steel production in India has grown by 4.3% in 2012. He also said that capacity of steel production in the country has increased from 66 million tonnes in 2009 to about 90 million tonnes in 2012.

NEW DELHI: India’s Union Minister of Steel, Beni Prasad Verma has said that India continues to hold the 4th position in global crude steel production for the past 3 years.

Chairing the meeting of the Parliamentary Consultative Committee attached to his Ministry here on Wednesday, he said that the crude steel production in India has grown by 4.3% in 2012. He also said that capacity of steel production in the country has increased from 66 million tonnes in 2009 to about 90 million tonnes in 2012. The functioning of Steel Authority of India Limited (SAIL) was the agenda of the meeting.

Verma apprised the committee members that the per capita steel consumption has risen to 60 kg in 2011-12. The Minister stressed on the importance of conserving raw material resources in the country and elaborated on the measures taken by the Government.

SAIL, a Maharatna PSU under the Ministry of Steel, is today the 7th World Class Steel Maker as per World Steel Dynamics. SAIL’s production of saleable steel has been 12.4 million tonnes, which is 112% of rated capacity. SAIL has five integrated steel plants that are undergoing expansion and modernization, the expansion activities of Salem Steel Plant of SAIL have already been completed.

The members were briefed about the global and domestic steel scenario, functioning of SAIL and its performance on various parameters. Details of marketing initiatives and modernization and expansion plan were also discussed.

They were informed that the company achieved profit after tax of Rs. 2170 crore during the year 2012-13. Some of the members complimented SAIL on its working, while some expressed concern over the progress of expansion plan and profitability of the company.

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Crude shoots up on weaker dollar, North Sea supply snags

4 Jun

Oil prices shot up on Monday after U.S. data sent the dollar plunging, while reports of supply snags in the North Sea pushed up prices even further.

A weaker greenback tends to make oil a nicely priced asset in dollar-denominated exchanges, especially in the eyes of investors holding other currencies.

On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded up 1.58% at USD93.43 a barrel on Monday, off from a session high of USD93.68 and up from an earlier session low of USD91.29.

A falling dollar made oil a nice buy on Monday.

The Institute for Supply Management said earlier its manufacturing purchasing managers’ index for the U.S. fell to 49.0 in May from 50.7 in April.

Analysts were expecting an unchanged reading.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

The numbers sent oil gaining on sentiments that the Federal Reserve will keep stimulus tools in place that keep the greenback weaker to spur recovery.

Meanwhile in Europe, better-than-expected PMI data further weakened the dollar and sent oil gaining.

The eurozone’s manufacturing PMI improved to 48.3 from 47.8 in April indicating that the slump in the manufacturing sector is easing, according to London-based Markit Economics.

Germany’s manufacturing PMI was revised up to 49.4 in May, beating market calls for a 49.0 reading.

Reports of supply snags in the North Sea sent Brent futures soaring.

Platform operator Nexen reported earlier equipment failure will cut output in the Buzzard oilfield until later this week.

On the ICE Futures Exchange, Brent oil futures for July delivery were up 1.73% at USD102.13 a barrel, up USD8.70 from its U.S. counterpart.

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Here are trading tips for copper, crude, zinc & nickel

24 May

Sugandha Sachdeva of Religare Commodities advocates selling MCX crude around Rs 5,265 per barrel levels. Sachdeva says, “Keep a stop loss for this trade at Rs 5,320 per barrel for downside target of Rs 5,090 per barrel”.

Renisha Chainani of Edelweiss advises selling copper on MCX around Rs 409-410 per kilogram with a stop loss at Rs 412 per kilogram and a target of Rs 405 per kilogram.

Sugandha Sachdeva of Religare Commodities advocates selling MCX crude around Rs 5,265 per barrel levels. Sachdeva says, “Keep a stop loss for this trade at Rs 5,320 per barrel for downside target of Rs 5,090 per barrel”.

Dharmesh Bhatia of Kotak Commodities suggests selling MCX zinc around Rs 103-104 per kilogram. Place a stop loss for this trade at Rs 105 per kilogram for target of Rs 100 per kilogram on the downside.

Ram Pitre of Anand Rathi Commodities recommends selling nickel on MCX around Rs 835-840 per kilogram. “Maintain a stop loss for this trade at Rs 850 per kilogram for a target of Rs 800-810 per kilogram”, Pitre adds.

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