CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 03 SEPTEMBER 2019

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• Energy Preview: MCX Crude Extends Slide Under Rs 4000 Level

WTI Crude oil soared towards one week high of $57 per barrel as the US equities edged up and US Energy Information Administration (EIA) reported a heavy drop in US crude supplies. EIA data marked the largest draw in five weeks. US crude oil inventories fell sharply last week to their lowest since October 2018. Crude inventories fell 10 million barrels in the week to August 23. At 427.8 million barrels, US crude oil inventories were at the five year average for this time of year. Net US crude imports also fell in the week by 1.51 million barrels per day to 2.9 million BPD. Crude production rose 200,000 BPD to hit a new weekly record at 12.5 million BPD. Refinery crude runs fell by 294,000 barrels per day, EIA data showed. Gasoline stocks fell by 2.1 million barrels while Distillate stockpiles, which include diesel and heating oil, also dropped by 2.1 million barrels as well. Oil failed to extend its rally though and ended around $55 per barrel. MCX Crude oil also extended losses under Rs 4000 per barrel and closed around Rs 3950 per barrel.

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