Petroleum futures traded lower on Thursday early morning as the main information revealed a boost in petroleum stocks in the United States. Contributed to this, petroleum production in the United States increased for the week ending December 15.
At 9.53 am on Thursday, February Brent oil futures were at $79.37, down by 0.41 percent, and February petroleum futures on WTI (West Texas Intermediate) were at $73.89, down by 0.44 percent.
January petroleum futures were trading at 6,164 on the Multi Product Exchange (MCX) throughout preliminary trading, versus the previous close of 6,174, down by 0.16 percent, and February futures were trading at 6,196, as versus the previous close of 6,202, down by 0.10 percent.
Gas stocks.
According to the petroleum status report of the United States Energy Details Administration (EIA) for the week ending December 15, business petroleum stocks in the United States increased by 2.9 million barrels from the previous week. The marketplace was anticipating it to decrease by around 2.28 million barrels throughout the week. Petroleum stocks decreased by 4.25 million barrels a week prior to that.
Overall motor gas stocks increased by 2.7 million barrels from recently. According to United States EIA, both completed gas and mixing parts stocks increased recently.
United States EIA information likewise revealed a boost in petroleum production throughout the week. Petroleum production in the United States increased to 13.3 million barrels a day for the week ending December 15 versus 13.1 million barrels a day for the week ending December 8.
On the other hand, the marketplace continued to examine the effect of the attacks on merchant ships by Houthi militants in the Red Sea area. The attacks triggered significant stakeholders in the shipping sector to prevent the Red Sea path.
Turmeric loses shine, guarseed gains.
January gas futures were trading at 195.20 on MCX, versus the previous close of 197.90, down by 1.36 percent.
On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) agreements were trading at 14,026, versus the previous close of 14,088, down by 0.44 percent.
January guarseed futures were trading at 5,358 on the NCDEX, versus the previous close of 5,328, up by 0.56 percent.
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