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Crude Trades Near Two-Week High Near $99 on OPEC Output Cut Talk

West Texas Intermediate (WTI) crude oil traded close to the highest price in for nearly two weeks after the OPEC general secretary says the group would cut crude-output targets next year.

Brent crude leveled off below $ 99 a barrel on Wednesday after sorting out its steepest two-week rise at the previous session.

Brent futures for November was 11 cents to $ 98.94 a barrel on the ICE Futures Europe, based in London. The European benchmark crude was at a premium of $ 5.28 for WTI for the same month. It closed in $5.24 yesterday.

OPEC daily production target may drop by 500,000 barrels to 29.5 million barrels in 2015, Abdalla El-Badri said the OPEC Secretary in Vienna. In the USA, the superior general said it would support to send advisers to escort Iraqi troops in the fight against the Islamic state if necessary.

On NYMEX West Texas Intermediate crude for November delivery quoted at $ 93.66 a barrel, down 0.17%, after hitting a session low during the night of $ 91.53 per barrel and a maximum of 94 $ 09 a barrel.

Crude prices dropped it despite a sharp fall in U.S. shares reported in the USA during the night by an industry poll.

On American Petroleum Institute demonstrated up 3.3 million barrels in crude inventories last week, a draw of 1.2 million barrels in gasoline inventories and 1 million barrel build in distillate inventories.

On Wednesday, analysts expected the Department of Energy of the United States to report a draw 1,614,000 barrels in crude inventories, a build of 486,000 barrels and distillates fell 257,000 barrels in gasoline stockpiles.

Below the Libyan oil production also shored oil prices. National Oil Corp said on Tuesday that production at its oil field El-Sharara is down after rockets rained down near the 120,000 bpd refinery near Zawiya.

Despite price hikes overnight, oil investors remained concerned at the global economic outlook, the strength of US dollar and the result of a ballot on independence in Scotland that could rock the financial markets.

"Bullish on crude oil, has been completely brakes. Crude oil 2-2.5 per cent in yesterday’s session was fantastic gained. Crude oil pressure today. Indeed, had indicated OPEC production cut, after which the crude had gained. Now the market is waiting for the report of the U.S. Energy Department." said 100 Mcx Tips.

Currently, MCX crude oil is trading around Rs 5780 slipped 0.25 per cent. Natural gas is also softening and the price has fallen to 0.2 per cent at Rs 243.3.

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Crude Oil Price Softening, Will India’s Economy Get a Relief

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The price of brent crude in the international market has come down to $100. In the nearly at 17-month lower levels brent crude is trading. NYMEX price of crude has come close to $92. As well as under-recovery on diesel is almost over. Moreover, for the first time in 7 years expected that diesel prices are declining. Companies can deduct the price of diesel by 50 paise per liter.

By lowering the price of Crude Oil and diesel price hike subsidy burden will decline. Also in the June quarter after consecutive September quarter are expected to be in the profits of the oil marketing companies. Indeed, as China’s major crude oil importer due to sluggish demand fall in Crude Oil prices.

However,by lowering the price of Crude Oil, oil marketing companies like HPCL,  Indian Oil and BPCS will help reduce under recovery. The MRPL, Essar Oil, Chennai Petro, such as Reliance Industries and Manali refinery petrochemical companies will also benefit because these companies is the use of commodities as Crude Oil.

Releases from Crude Oil or synthetic rubber, carbon black is used in making tires. So the benefits of lowering the price of Crude Oil Apollo Tyres, Ceat and JK Tyre tire companies would like. Crude Oil commodities for paint companies are used as the Asian Paints, Berger Paints and Nerolac kansai will also benefit from the decline of Crude Oil.

Crude Oil raw materials for making bags, the company also uses VIP, then it will also the benefits of price decreases. Granyuals and PVC plastic, are only part of Crude Oil, such as Jain Irrigation and Finolex Industries will also the benefits of lowering the price of Crude Oil.

Falling crude prices, Chief Economic Advisor of SBI Sumykanti Ghosh says that lowering the price of the crude oil marketing companies undr recovery this year is not expected to be too much. The fiscal deficit is also expected to come under increased 4.1 percent. In these circumstances, credit rating agencies may also make changes in your Economy Outlook on India. Economy Outlook is also expected to be positive ahead of Rupee.

The international crude oil prices have been on a decline but the shares of oil marketing companies are not in a hurry. Should investors buy OMCs as crude prices slide, Visit today 100McxTips and get sure 90% accurate crude trading tips.

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Brent crude oil falls below $100 for first time since June 2013

The strength of the dollar, Brent crude slipped below $ 100 which is the lowest level in 14 months for first time since June 2013.

WTI Crude Oil prices relocated to 9-month lows on Monday after weak economic data from China Import and United States soft employment report on Friday August stirred up demand concerns, especially in a time when world supply remains wide.

In NYMEX WTI crude for deliverable in October traded down 1.06% to $ 92.30 a barrel during trading in the United States . crude oil futures traded in New York reached a session low of 91 , $ 81 a barrel to a maximum of $ 93.61 a barrel.

A worldwide reference Brent fell to $ 1.10, or 1.1 percent, to $ 99.72 a barrel in London. The last traded below $ 100 was on 24 June 2013 China purchases of data fell 2.4 percent in August, compared with a decline of 1.6 percent in July, series of the customs authorities based in Beijing. Chinese exports increased 9.4 percent, this pushed the lower oil prices.

Oil prices remained under pressure from weak United States employment report Friday. The Labor Department reported that the economy of the US added 142,000 jobs in August, far less than the anticipated increase of 225,000.

The report also showed that the jobless rate in the United States labeled to 6.1% last month from 6.2%, in line with expectations.

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Crude oil futures little changed after sad week

Brent crude futures losses to trade little changed on Monday in London amid continued turmoil in Libya and Iraq. 

Meanwhile, Crude oil futures were stabilizing after several months lows touch last week, but a stronger dollar and worries about global supplies of mostly abundant United States was probably continue weigh on the prices.

Futures fell as much as 0.6 percent in London. Islamist militia took control Tripoli from the international airport in Libya, as political factions struggled to form a new government in war-torn Iraq. CME Group Inc., the largest futures exchange in the world, pulled the majority of its Globex platform for approximately four hours, the suspension of futures contracts, including oil and commodities.

Brent for October settlement declined as much as 64 cents to $101.65 a barrel on the London-based ICE Futures Europe exchange and rose to $102.52 during European morning hours.

Brent crude oil prices traded in London hit a 14-month low of $ 101.07 on August 19, as global supplies are viewed as a broad despite the ongoing violence there in Ukraine and the Middle East.

Moreover, on the New York Mercantile Exchange, crude for October delivery was inserted at 0.02%, or 2 cents, to trade at $ 93.67 a barrel.

Nymex oil futures lost 3.8%, or $ 3.70, last week, the fourth consecutive weekly decline.

Oil prices traded in New York fell to a seven-month low of $ 92.50 a barrel on August 21.

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Brent oil futures declined towards 14-month low near $101

Brent crude fell with WTI NYMEX just above a 14-month low on Thursday as a  plentiful fuel supplies and as a measure of Chinese manufacturing missed estimates.

Brent for October futures decline as much as $1.07 to $101.21 a barrel on the London-based ICE Futures Europe exchange and was at $101.38 at  morning trade session.

The futures contract rose 72 cents to $102.28 yesterday. The volume of all futures traded was about 7 percent below the 100-day average for the time of day. Prices are down 8.5 percent this year.

WTI Crude oil October futures delivery drop as much as 95 cents to $92.50 a barrel in electronic trading on NYMEX.

Futures declined as much as 1 percent in London and New York. A preliminary Chinese Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics slid to 50.3 for August.

A poll of industrial activity in China found that the sector growth slowed to a three-month low in August, adding to worries about economic smoothness that could drive down oil consumption in the second largest consumer of oil in world.

"Indeed, Germany and Italy also supplied of arms to help Iraq is approved. Despite all the concerns have no bearing on the supply of crude. Despite the decline in reserves in the United States has put pressure on crude prices. Meanwhile, poor manufacturing data from China has increased the pressure." said 100McxTips Commodity Advisory.

Crude is held in condition of backwardation with the high demand from refineries, while Brent contango keeps deepening, ” the increase in the gap between the two setpoints (China and New Work), also said 100McxTips.

In the US, a greater-than-expected falling crude stocks last week buoyed West Texas Intermediate and helped the September futures contract gain $ 1.59 a barrel on its last trading day.

Oil inventories in the United States fell by 4.47 million barrels to 15 August, the most in five weeks, the Energy Information Administration said yesterday. The inventories in Cushing gained by the most since Oct. 25 gasoline inventories rose by 585,000 barrels, while distillate supplies, which include heating oil and diesel fuel, fell by 960,000 barrels, the statistical arm of the Department said Energy.

China will account for about 11 percent of global oil demand this year, compared with 21 percent for the U.S., according to the Paris-based International Energy Agency.

On the Multi Commodity Exchange, crude oil October futures delivery moved down by a similar margin to trade down at Rs. 5,670 per barrel.

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U.S. oil futures near 2-week low before ahead of supply data, brent near $108

The US crude oil futures traded near its lowest level in almost two weeks before the data on supplies of fuel and strong economic data in the US top oil consumer in the world.

On NYMEX, WTI for September futures fell to 36 cents to $ 101.31 a barrel and was at $ 101.55 at 9:03 am London time. The contract fell 42 cents to $ 101.67 yesterday, the lowest close since July 16, the volume of all stock futures was about 38 percent below the average of 100 days. Prices have lost 3.9 percent in July.

Brent crude leveled off around $ 108 a barrel due to a broad supply compensate geopolitical tensions in the Middle East, Africa and Europe.

London Brent crude rose 15 cents to $ 107.72 a barrel, off an intraday session low of $ 107.37, after falling nearly 0.8 percent in the previous session.

Brent September futures was 17 cents to settle at $ 107.74 a barrel on the ICE Futures Europe, based in London. Prices are down 4.3 percent in July. The European benchmark crude trading at a share premium of $ 6.20 for WTI. The range was $ 5.90 yesterday, shaking for the first time in three days.

Oil exports from the second largest OPEC producer Iraq remained near record highs as oil output in the south I was not affected by a conflict with Islamist militants.

In Libya, oil output fell to estimated 450,000 barrels per day (bpd) last week with the escalating violence that threatened by a hard-won agreement to resume natural oil exports.

The Libyan capital Tripoli has crept into chaos, but analysts said the poor production of OPEC producer, to far short of 1 million barrels per day for about two years, and has been incorporated into the oil prices.

Oil traders also awaited the release of fresh weekly data about US stocks of crude and refined products to measure the strength of demand in the biggest oil consumer in the world.

The American Petroleum Institute will unveil its inventories report later on in the day, while Wednesday’s report by the Government might display crude inventories fell by 1 million barrels in the week ended July 25.

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Crude oil futures decline in Asian trade After U.S. Gasoline Supplies Rise

Crude oil fuutres prices turned lower in Asia morning trade on Thursday as investors took a breather from gains that came after inventories of gasoline expanded for a third week in the U.S., the world’s largest oil consumer indicating strong demand.

On NYMEX Exchange, U.S. crude oil September futures dipped 0.22%, or 23 cents, to trade at $102.90 a barrel.

On the ICE Futures Exchange in London, Brent oil September futures shed 0.09%, or 10 cents, to trade at $107.93 a barrel during European morning hours.

Crude futures fell as much as 0.4 percent in New York after having risen 0.7 percent yesterday. Crude inventories in the United States throughout the country has dropped almost 4 million barrels to 371.1 million in the week ending July 18, said the EIA, the statistical arm of the Energy Department. Supplies fell for a fourth week, the longest run of declines since January.

Despite the fall, 100McxTips analysts said prices will probably remain high due to data showing high demand in the United States, the world’s largest oil consuming nation.

The previously published statistics have shown that HSBC flash Purchasing Managers’ Index for China rose to a 18-month-52.0 in July from a final reading of 50.7 in June. Analysts had forecast the index to rise to 51.0 this month.

This Asian country China will account for around 11 percent of global oil demand this year, compared with 21 percent of the United States, according to sources.

Meanwhile, traders expected further development of Ukraine and the Middle East.

Rebels shot down two private pro-Russian Ukrainian fighter jets on Wednesday, not far from where the airliner Malaysia Airlines was shot down in eastern Ukraine last week.

In Gaza, the Secretary of State, John Kerry said Wednesday that efforts to secure a truce between Israel and Hamas had made ​​some progress.

At MCX Exchange India„ Crude oil September futures shed Rs 25, or 0.41 per cent, to Rs 6,129 per barrel  today as speculators cut their positions amid a weakening trend in Asian trade.

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Crude oil falls for second day near $102

Crude oil prices was removed under near $ 102 per barrel Wednesday in the midst of new zeal to a ceasefire between Israel and Palestine and Europe after Russia imposed additional penalties for that stopped short of a nasty blow.

More than 630 Palestinians and 30 Israelis had died in the violence. A Hamas rocket broke out on Tuesday near the main airport of Israel, prompting a flight ban from the USA and many European and Canadian aviation officials replied to the impression of seeing a civilian aircraft shot down over Ukraine.

The European Union patted further sanctions against Russian individuals following a meeting on Tuesday. But the EU has not imposed sanctions that might disrupt energy supplies from Russia.

At NYYMEX Exchange, crude for September futures fell 0.41%, or 41 cents, to trade at $ 101.98 a barrel during European morning hours. Futures held in a narrow range between $ 101.80 and $ 102.34 a barrel.

Crude oil futures in U.S. exchange ended Tuesday’s session up 0.46%, or 47 cents, to settle at $ 102.39 a barrel.

September Brent oil futures was 6 cents higher at $ 107.39 a barrel on the ICE Futures Europe, based in London. The European benchmark crude was quoted at a premium of $ 5.22 to ICE WTI, after closing at $ 4.94 yesterday. 

Futures fell as much as 0.4 percent in New York. Gasoline stockpiles rose by 3.6 million barrels last week, the American Petroleum Institute said yesterday was informed. Stockpiles will probably rose 1 million barrels, according to a survey by 100McxTips analysts before to produce government data today. Brent traded near its lowest closing price within two days amid speculation that more sanctions against Russia for shooting down a Malaysian Airplane will have have any impact on energy supplies.

Oil flows are expected to have fallen by 2.9 million barrels to 372.1 million, the survey shows. The Energy Information Administration, the statistical arm of the Energy Department publish its report at 10:30 am in Washington today.

Crude inventories were reduced by 555,000 barrels last week, the API said, according to people familiar with its data. Supplies at Cushing, Oklahoma, the largest storage facility in the nation and point of delivery for WTI contracts, crept by $ 1.4 million, said the industry group that contains information on a voluntary basis from traders of refineries, bulk terminals and pipelines.

The report also showed that gasoline inventories rose by 3.6 million barrels, while distillate inventories increased by 2.5 million barrels.

At the Multi Commodity Exchange, Crude oil September futures decline Rs 25, or 0.41 per cent, to Rs 6,129 per barrel today as speculators trimmed positions amid a weakening trend in Asian trade.

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U.S. crude oil extends gains after falls below $100 for first time since May

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NYMEX West Texas Intermediate crude futures extended gains on Thursday after oil dropped below $ 100 a barrel for the first time since May although the worsening security in Libya has raised questions about if the country can soon enhance exports of crude oil.

At NYMEX, U.S. crude oil for delivery in August rose to a session peak of $ 102.10 a barrel, the highest since July 11, before paring gains to last trade at $ 102.04 during European morning hours, an increase of 0.83 %, or 83 cents.

Crude oil futures rose U.S. 1.24%, or $ 1.24 on Wednesday to close at $ 101.20 a barrel.

Prices have been dropping the last few weeks over concerns about interruptions in the supply from Iraq fell and looking ahead of additional supplies from Libya. Economic data weaker than expected during the first half of the year led the International Energy Agency and other experts to slash their snow forecasts for demand in the shorter and medium term.

Crude oil futures traded on New York was likely to find support at $ 100.07 per barrel, the low of July 16 and resistance at $ 102.92 per barrel, the high of July 11.

The Energy Information Administration U.S. said Wednesday that crude inventories in the United States fell by 7.5 million barrels last week, against expectations for a decline of 2.1 million barrels.

Total exchange inventories of U.S. crude amounted to 375.0 million barrels last week.

Investors looked ahead to introduce the U.S. financial data later in the day for more indication of the economic strength and the future path of monetary policy.

Continued concerns over the geopolitical situation in North Africa, the Middle East and Ukraine also support oil prices.

Elsewhere, on the ICE Futures Exchange in London, Brent for September, which became the next month contract on Thursday, rose 39 cents to $ 107.54. The August contract, which expired on Wednesday, fell 17 cents to close at $ 105.85 a barrel.

At the Multi Commodity Exchange, crude oil for delivery in July traded higher by Rs 52, or 0.85 per cent, to Rs 6,140 per barrel.

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London Brent oil falls below $109 as Libya restarts oilfield, NYMEX crude prices up as API data sharp drop

London Brent crude slipped below $ 109 a barrel on Wednesday as Libya restarts an oil field, on its way to falling for an eighth session in which would be its longest losing streak by more than four years.
Alleviate concerns about possible supply disruptions due to the conflict in Iraq also crawled on prices.

August Brent crude was down 12 cents to $ 108.82 a barrel by 0318 GMT, nearly 6 percent from a nine-month high in June.

London Brent crude fell above $ 3 since 3 July after Libya, the interim prime minister, Abdullah Al-Thani, said that officials have regained control of two export terminals blocked by the rebels.

Libya resume 340,000 barrels per day (bpd) of El Sharara oilfield after demonstrators snapped a four-month strike, the state-run National Oil Corp (NOC) said on Tuesday, a measure which could double its existing oil production lean.

Government took charge of the oil port of Ras Lanuf and Es Sider last week, ending a nearly year occupation that Libyan production fell within a quarter of the 1.4 million bpd OPEC member used for pumping prior to the protests began last summer.

NYMEX crude oil prices in Asia marginally up as API data shows sharp drop in stocks. The American Petroleum Institute, an industry trade group said on Tuesday that its own data for the same week demonstrated a draw of 1.7 million barrels in crude inventories. The group also said gasoline inventories rose by 100,000 barrels and distillates fell 500,000 barrels.

API looking for in an were for a drop of 876,000 barrels in crude inventories, while U, S, is expected that the Energy Department figures show a reduction of 2.15 million barrels and 10 are due to: 30 am EDT Wednesday.

At NYMEX, WTI crude for delivery in August quoted at $ 103.46 a barrel, up 0.06%, after launched a session low during the night of $ 103.02 per barrel and a maximum of $ 104.13 a barrel.

During the night crude oil futures prompted the losses on Tuesday regarding the forecasts for oil exports from Libya to proceed flowing overseas after the government and rebels snapped a dispute that had closed multiple installations and ports.

The agreement should add 500,000 barrels per day of oil back into global market for energy, and the news sent futures fall on the expectations of rising global supplies.

While, expectations for the insurgency in Iraq stay in northern the country’s oil fields also permitted prices, but upbeat jobs are submerged in the United States last week reported padded losses.

Investors also avoided the commodity future publication of the minutes of the Federal Reserve policy meeting in June for Wednesday.

By Investing.com

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