Energy Market Report: MCX Crude Recovers In Asia

Crude oil recovered in Asia today after witnessing sustained losses yesterday The WTI Crude futures tested a low near $55.40 per barrel and edged up. The counter currently trades at $56.40 per barrel, up 0.30% on the day even as the global growth worries stayed in place. MCX Crude oil futures ended at Rs 3940 per barrel, down 1.70% on the day.

US crude oil stockpiles rose much more than expected last week, while gasoline and distillate inventories fell more than forecast, drawing down for the third consecutive week, the Energy Information Administration (EIA) said yesterday. Crude inventories rose 7.1 million barrels in the week to March 1.

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Stocks at the Cushing, Okla, delivery hub for US crude futures rose for the third consecutive week, increasing 873,000 barrels to 47.5 million barrels, the highest since December 2017, the EIA said.

Net US crude imports rose by 1.6 million barrel per day and production held at last week’s record highs at 12.1 million barrel per day.

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