Petroleum futures traded lower on Thursday early morning as the main information revealed a big boost in the petroleum stocks in the United States.
At 9.52 am on Thursday, April Brent oil futures were at $81.21, down by 0.48 percent; and March petroleum futures on WTI (West Texas Intermediate) were at $76.22, down by 0.55 percent.
- Likewise checked out: Petroleum down as market information shows stock integrate in United States
February petroleum futures were trading at 6329 on Multi Product Exchange (MCX) in the preliminary trading hour of Thursday early morning versus the previous close of 6397, down by 1.06 percent; and March futures were trading at 6,324 as versus the previous close of 6,378, down by 0.85 percent.
Petroleum status report by the United States EIA (Energy Details Administration) for the week ending February 9 revealed a big boost in the petroleum stocks. The boost was much above the marketplace projections.
According to EIA, industrial petroleum stocks increased by 12 million barrels from the previous week. Market was anticipating the petroleum stocks to increase by 2.60 million barrels throughout the week.
Overall motor gas stocks reduced by 3.7 million barrels from recently and had to do with 2 percent listed below the five-year average for this time of year. This decrease was credited to upkeep shutdowns by some refineries in the United States.
Petroleum production stayed at 13.3 million barrels throughout the week. United States has actually been seeing boost in petroleum production in the current weeks.
Contributed To this, Japan’s gdp (GDP) information revealed that it went into economic downturn in the 4th quarter of 2023 due to weak point in personal intake. Personal intake represent almost half of the Japanese economy.
Japan’s GDP diminished 0.1 percent in 4th quarter of 2023. Market was anticipating a development of 0.3 percent throughout the quarter. Japan went into economic downturn for the very first time in 5 years.
February lead futures were trading at 178 on MCX in the preliminary trading hour of Thursday early morning versus the previous close of 176.80, up by 0.68 percent.
On the National Commodities and Derivatives Exchange (NCDEX), April kapas agreements were trading at 1,529 in the preliminary trading hour of Thursday early morning versus the previous close of 1,508, up by 1.36 percent.
March jeera futures were trading at 24,715 on NCDEX in the preliminary trading hour of Thursday early morning versus the previous close of 25,150, down by 1.73 percent.
.