Energy Preview: MCX Crude Breaks Well Above Rs 5300 Mark

Energy Preview: MCX Crude Breaks Well Above Rs 5300 Mark

Sep 17, 2021 08:09 IST capital market

Crude oil stayed firm, consolidating around $72-73 per barrel range for WTI futures as the US supply situation remained tight. Hurricane Ida has disrupted crude oil production and refining activity. According to EIAs Weekly Petroleum Status Report, gross inputs into Gulf Coast refineries fell by 1.6 million barrels per day from the week ending August 27 to the week ending September 3. Although some refiners have resumed operations or begun the process for restarting, EIA expects refinery runs will average 713,000 barrels per day lower in September than they would have without the disruptions. Repairs to any infrastructure required to resume refinery operations, however, could potentially take longer, making the forecast highly uncertain. MCX Crude closed at Rs 5353 per barrel, up 0.34% on the day after hitting a high of Rs 5360 mark

Powered by Commodity Insights

Related Story

Open Free Demat Account (Rs699)