Crude Trades At 2-Month Low After Prices Fall 3% Overnight As Geopolitical Tensions Ease | CNBC TV18
[Music] welcome back well the equity Market’s holding up quite okay let’s figure out what’s happening in Commodities we have Manisha in the house now Manisha good morning once again so what’s happening out there well you know the crude oil prices after trading in a very stiff range for a very long time seems to be breaking out of that we’ve seen 3% of decline in crude oil prices overnight and for the month of uh for the last one month we’ve seen prices decline by 8% and from 2024 highs we’re down by nearly 9% for the crude oil prices there is a very slight uptick right now in crude prices but markets do believe that you could be looking at lower lows especially for the next week or so the usfed meeting for one has indicated no rate Cuts anytime soon that has led to support in dollar Index and that’s Weighing on various Commodities including the crude oil prices the bearishness and crude also comes in from the fact that the eia suggested as or has posted us inventories up by 7.3 million barrels markets were expecting a withdraw of 2.3 so you have a surprise and much on the higher side so right now the US inventory stand at 46.9 million barrels which is by the way the highest that you’ve seen since the month of June 2023 the US crude output also has been surging on the higher side when you look at the numbers from Jan Feb March and then April we seem to be trading very close to those record highs so 13.15 million barrels per day in the month of Feb as well and March and April promis to be on the higher side also when you look at the refiner utilization but that has seen a bit of a decline at 87.5% we also have seen the distillate and gazoline inventories continue to gain so that tells you that the physical demand for fuels within us also seems to be not very strong the premium also because of the easing geopolitical tensions has weighed on to the prices here there is yet another another conversation in Egypt this time for ceasefire between Israel and Hamas and that’s taken that war premium of the prices uh markets also have seen the Israel and Hamas premium come off there is nothing that we’ve seen as in developing between Iran and Israel as well and that seems to be weighing on this is the latest number that St chart and eia have put out in sense of demand estimates going forward so if uh April was 101 million barrels per day May seems higher and June even higher is the reason that you have City and Bank of America everybody telling you that this is the quarter you could be looking at the Bren crude prices Crossing 90 on the higher side 94 95 98 are the targets coming in purely because of this reason that the supplies may not be so strong and the demand definitely picking up this is what we’ve done in sense of prices so Jan we started Brent with 75 we saw a high in the month of April at $91 but currently trading at 83 so we have seen prices actually come off quite strongly from the highs of this year with the markets anticipating that if 82 breaks then we are going back to where we started this year at around 75.8 but that could be very very volatile crude prices all right man thank you very much for that uh so interesting list of Commodities which are making news oil of course top of the list more downside perhaps we’ll see [Music]
Crude trades at 2-month low after prices fall 3% overnight. Easing geopolitical tension is one of the crucial reasons behind the price decline. Manisha Gupta tells us all about crude on Commodity Corner today.
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