CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 14 October 2019

Energy Preview: Supply Worries Push Up Crude Oil

Global crude oil prices jumped sharply as media reports noted that an Iranian oil tanker in the Red Sea was hit by two suspected rockets off the coast of Saudi Arabia. This yet again bought to the foray the worries about supply disruptions from the Middle East and boosted WTI Crude to one week high near $55 per barrel. MCX Crude oil also tested highs above Rs 3900 per barrel following the surge in global prices. Meanwhile, the recent decrease in US crude oil production was geographically isolated and is likely temporary, noted the Energy Information Administration (EIA) in the latest update yesterday. EIA expects that US crude oil production will increase in each remaining month of 2019, and ultimately reach 13.0 million b/d in December 2019. EIA expects US crude oil production to average 12.3 million b/d in 2019 and 13.2 million b/d in 2020. Organization of the Petroleum Exporting Countries (OPEC) in its monthly report for October estimated world oil demand to grow by 980,000 barrels a day in 2019, down 4,000 barrels a day from its September estimate. OPEC kept its outlook for 2020 demand growth unchanged at 1.08 million barrels a day.

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