MCX Crude Oil Tips Today Rocking All Target Hit 4309 TO 4459

MCX Crude Oil Tips Today : Crude Oil price yesterday settled down by -0.11% at 4364 as a cold front shut wells and refineries in Texas, Who is the largest producer of oil? The biggest crude producing state in the United States, the world’s biggest oil producer.

MCX Crude Oil Next Target Price – 4520 — 4720

Prices also gained as Yemen’s Iran-aligned Houthi group said it struck airports in Saudi Arabia with drones, raising supply concerns in the world’s biggest oil exporter, and on optimism for a global economic recovery amid accelerated COVID-19 vaccine rollouts.

MCX Crude Oil Tips Today Rocking All Target Hit

The unexpected U.S. supply disruption provides another short term price recovery bridge that has likely taken oil prices to a level where markets were eventually heading but just a little bit quicker than expected.

A deep freeze across the United States is taking a toll on the energy industry in the largest U.S. crude-producing state, halting Texas oil wells and refineries and forcing restrictions from natural gas and crude pipeline operators.

Read More : Brent Oil Extends Advance Toward $60 on Tightening Global Market

The rare deep freeze prompted the state’s electric power suppliers to impose rotating blackouts, leaving nearly 3 million homes and businesses without power. U.S. President Joe Biden issued an emergency declaration, unlocking federal assistance to Texas.

Money managers raised their net long U.S. crude futures and options positions in the week to February 9, the U.S. Commodity Futures Trading Commission (CFTC) said. The speculator group raise its combined futures and options position in New York and London by 29,566 contracts to 383,715 during the period.

Q3 FY21 earnings per share of all seven oil and gas companies was up YoY; EPS rise of Indian Oil Corporation Ltd. and Gujarat Gas Ltd. was the steepest at 145-99% YoY while that of Mahanagar Gas Ltd. and Indraprastha Gas Ltd. was weakest at 17-23% YoY.

Gujarat Gas stood out, given the big beat on volumes and margins (8-44% above our estimate), which drove Ebitda and earnings per share beat of 56-79%.

Key trends emerging from Q3 FY21 results were YoY rise in industrial gas volumes versus fall in compressed natural gas.

Oil dipped amid reports that Saudi Arabia will reverse unprecedented production cuts as prices recover.

Futures erased gains in New York on Wednesday after Dow Jones reported that Saudi Arabia plans to boost oil output in the coming months, citing unnamed advisers to the kingdom. While Saudi Arabia’s unilateral cuts this year came as a surprise to the market when it was announced, many investors had expected the producer to raise output come April. At the same time, Saudi Arabia is urging fellow members of the OPEC+ oil alliance to remain cautious as they prepare to consider further supply increases.

“We’re at a very delicate point here,” said Bob Yawger, head of the futures division at Mizuho Securities. OPEC+ has “to make sure the associated demand is there before increasing the barrels and not kill the golden goose here, which is what they’ll do if they add everything at once.”

Meanwhile, a deepening energy crisis is still playing out in the U.S., with some 3.5 million barrels a day of American output halted, according to traders and industry executives, as a cold blast freezes well operations and cuts power across the central U.S. That’s being offset, however, by the suspension of more than 3 million barrels a day of refining capacity, according to Energy Aspects Ltd.

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“The production loss is significant and could last for several days if not weeks,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd.

Temperatures in Texas are now low enough to freeze oil and gas liquids at the well head and in pipelines laid on the ground. They’re put under the surface in colder regions. Before the crisis, the U.S. was pumping about 11 million barrels a day, according to government data. Production in the Permian Basin alone — America’s biggest oil field — has plummeted by as much as 65%.

In Russia, meanwhile, freezing temperatures are also contributing to production curtailments. The expected increase in the nation’s February oil output has so far not materialized, as some fields curb pipeline flows due to the abnormally cold weather.

While WTI’s prompt timespread has flipped back into contango, the similar spread for Brent has moved more into a bullish backwardation structure. The April contract is 64 cents a barrel more expensive than for May, indicating tight prompt supplies, compared with 29 cents at the beginning of last week.

MCX Crude Oil Tips Today Rocking All Target Hit 4309 TO 4459 via @goldsilverrepor
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