Crude prices slip 4% overnight, trading near a 6-month low. Manisha Gupta tells us all about Crude on Commodity Corner today.
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Welcome back let’s get a quick handle on what’s happening in the world of Commodities Manisha Gupta is joining in Manisha what’s the one commodity that you’re tracking this morning well I’m looking at the crude oil prices this is one area where you have seen very strong
Volatile moves coming in as we start a new year so last week was 2% of gains but overnight we’ve seen 4% of a decline com in for the crude oil prices so after 10% of decline in 2023 2024 has begun with a negative move already for the
First 9 or 10 days for the crude oil prices there with the kind of decline that we are working with we already trading are we are already trading at around six Monon lows right now well three or four factors which are putting pressure right now one is the weak
Demand that we’ve seen coming from Asia including China and that has led to Saudi Arabia cutting their official price to Asia by one and a half to $2 and this is the lowest that they’ve done in 27 months for the Asian consumers in sense of official prices there and then
It also is about the RIS in output from OPEC we they have been talking about Cuts but when you look at the month of December 70,000 barrels per day of an increase is what has been noted so December output stands at 27.8 million barrels per day the US drilling also has
Continued to rise well 5001 as of now and a forecast of 20 additional rigs in 2024 continues to we on to the markets remember us has been producing record crude oil for the last four months now at around 13.2 million barrels within OPEC as well it is higher output from
Angola Iraq Nigeria so most of these African countries will continue to produce more they haven’t agreed to a quota agreement from the OPEC there if you look at the global consumption there and we have seen a bit of a decline coming for that one uh for the month of
December it was a sharp decline at 1.3 million barrels overall for 2023 the 1.8 million barrels per day of a global consumption still stands on a taller side there the Israel Hamas War and the Red Sea concerns Syria output halting all of that has led to premium in prices
But you have to understand that it hasn’t impacted the oil output at anyway and the concern clearly comes in from the demand side of it because when you look at the numbers from us Europe and Asia the demand has seen a decline in the previous quarter and that would
Continue to weigh on to the markets it also has been about the high us gas inventories the distate demand in US is the lowest since 1999 and that doesn’t help as well add to that the fact that the US dollar Index is trading on the higher side the us nonfarm payroll data
Came in better and the expectation now on the US Fed rate cut for this current quarter really seems to be reing it was at 90% by mid December it stands at below 60% at this point in time what the street will watch out for is the eia short-term Outlook in sense of global
Demand and Supply numbers that is going to be important and the next OPEC meeting now has been fixed for first of FB so that’s another thing that the street will keep an eye on okay thanks a lot Manisha for that let’s dip Into
