Informist, Thursday, Mar 2, 2023
By Arunima Bharadwaj
NEW DELHI – Crude oil contracts on the Multi Commodity Exchange of India rose today, tracking those on the New York Mercantile Exchange after China, the world's largest importer of crude oil, reported an increase in manufacturing activity in February.
* China's manufacturing purchasing managers' index climbed to 52.6 in February from 50.1 in January, data showed on Wednesday. A reading above 50 means an expansion in manufacturing. The positive economic data from China is seen supporting crude oil prices.
* However, US crude oil inventories rose by 1.2 mln barrels to 480.2 mln bbl in the week ended Friday, according to a report by the Energy Information Administration. Record exports of crude oil from the US kept the build-up less than in recent weeks, the Energy Information Administration said.
* According to reports from Moscow, oil production in Russia increased 2% on month in February to more than 11 mln bpd. This was just shy of the record in February last year. Resilient supply has limited the rise in crude oil prices, as the country has continued to find ways to export the commodity despite sanctions by Western countries.
* At 1655 IST:
--March contract on MCX was down 1.6% at 6,466 rupees per barrel.
--April contract on NYMEX was down 0.8% at $78.30 per bbl.
* India's crude oil basket rose 31 cents to a one-week high of $82.73 a barrel on Wednesday, according to data from the Petroleum Planning and Analysis Cell.
* Also, India's crude supplies from Russia continued to rise last month as the country imported 51 mln bbl of oil in February, 16% higher than in January, Business Standard newspaper reported, quoting data from market intelligence firm Kpler.
* Outlook for the evening session by Angel One Commodities:
--MCX contract is seen at 6,220-6,610 rupees per bbl
--NYMEX contract is seen at $77.30–$79.30 per bbl
End
US$1 = 82.59 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Informist, Thursday, Mar 2, 2023
By Arunima Bharadwaj
NEW DELHI – Crude oil contracts on the Multi Commodity Exchange of India rose today, tracking those on the New York Mercantile Exchange after China, the world's largest importer of crude oil, reported an increase in manufacturing activity in February.
* China's manufacturing purchasing managers' index climbed to 52.6 in February from 50.1 in January, data showed on Wednesday. A reading above 50 means an expansion in manufacturing. The positive economic data from China is seen supporting crude oil prices.
* However, US crude oil inventories rose by 1.2 mln barrels to 480.2 mln bbl in the week ended Friday, according to a report by the Energy Information Administration. Record exports of crude oil from the US kept the build-up less than in recent weeks, the Energy Information Administration said.
* According to reports from Moscow, oil production in Russia increased 2% on month in February to more than 11 mln bpd. This was just shy of the record in February last year. Resilient supply has limited the rise in crude oil prices, as the country has continued to find ways to export the commodity despite sanctions by Western countries.
* At 1655 IST:
--March contract on MCX was down 1.6% at 6,466 rupees per barrel.
--April contract on NYMEX was down 0.8% at $78.30 per bbl.
* India's crude oil basket rose 31 cents to a one-week high of $82.73 a barrel on Wednesday, according to data from the Petroleum Planning and Analysis Cell.
* Also, India's crude supplies from Russia continued to rise last month as the country imported 51 mln bbl of oil in February, 16% higher than in January, Business Standard newspaper reported, quoting data from market intelligence firm Kpler.
* Outlook for the evening session by Angel One Commodities:
--MCX contract is seen at 6,220-6,610 rupees per bbl
--NYMEX contract is seen at $77.30–$79.30 per bbl
End
US$1 = 82.59 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2023. All rights reserved.
