Karvy Commodities has come out with its report on Crude oil. "Markets are joyous about future prospects about US economy, we maintain our buying view in the commodity though herein too for small targets today", says the report.
We held a broad positive bias in crude oil on anticipation that crude inventory data from the US might deliver positive number led by extended drop in crude stocks whereas we also might see decent reading over gasoline demand. Oil prices trade in ranged manner for larger part of the day while tuned lower ahead of the inventory data.
As per the DoE reading US crude stocks increased 1.7 million barrels with total inventories remaining in the upper half of the average range for this time of year. Gasoline and distillate inventories too gained though only optimism was supported by the fact that refineries continued to churn more oil with refinery utilization rate increasing to 88.5% as probably refiners add more oil for consumption later. Rise in product stocks could be linked to the fact that local on one side crude oil refinery inputs increase to 15.7 MBPD, higher by 275,000 BPD than previous week whereas US oil imports too average higher by over 100,000 barrels to 7.3 MBPD for the week ended 20th June.
The effect on prices remained minimal whereas support into the commodity came in the form of reports that US allowed exports of some processed shale oil and building expectations that change in export policy is coming for the first time in last four decades. Backed by above cues and adding the fact that markets are joyous about future prospects about US economy we, maintain our buying view in the commodity though herein too for small targets today.
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