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  • End Session Commentary - Detailed News

Weekly Crude Oil Review: WTI Futures Test One Month Low
20-Jul-19   15:04 Hrs IST

WTI Crude oil fell near one month low before recovering. Prices slipped on corrective selling but edged up on good bargain buying as traders eyed the supply scenario. MCX Crude oil futures slipped from a high above Rs 4150 per barrel and dropped near Rs 3800 per barrel. According to a latest update from the US Energy Information Administration (EIA), the unplanned crude oil production outages for the Organization of the Petroleum Exporting Countries (OPEC) averaged 2.5 million barrels per day (b/d) in the first half of 2019, the highest six-month average since the end of 2015. EIA estimates that in June, Iran alone accounted for more than 60% (1.7 million b/d) of all OPEC unplanned outages. Unplanned production outages include, but are not limited to, sanctions, armed conflicts, political disputes, labor actions, natural disasters, and unplanned maintenance.

The US Energy Information Administration (EIA) reported that US crude supplies fell for a fifth consecutive week. Crude stockpiles slipped 3.1 million barrels for the week ended July 12. US crude production fell 300,000 barrels per day in the week to July 12 to 12 million bpd, according to the EIA. Stocks at the Cushing, Oklahoma, delivery hub for US crude future also fell by 1.35 million barrels. Net US crude imports were marginally higher, rising 44,000 bpd, while exports alone fell about half a million bpd. Gasoline stocks rose 3.6 million barrels while distillates stocks rose 5.7 million barrels, the EIA data showed.

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