Oil remains locked in a sideways range amid weak equities and record high US crude inventories. The latest Energy Information Administration (EIA) inventories data recorded a build of 4.95 million barrels in the week ending March 17th following a 0.24 million draw the previous week. Crude inventories at 533.1 million barrels are 6.3% above year-ago levels and at a fresh record high with builds in 10 of the last 11 reporting weeks. WTI Crude oil futures ended just above $48 per barrel amid these cues. MCX Crude oil futures ended around Rs 3160 per barrel.
Cushing inventories recorded a build of 1.42 million barrels after an increase of 2.13 million barrels previously. Domestic crude production increased 0.22% to 9.13 million bpd in the week and compared with 9.04 million in the same week of 2016. Gasoline inventories recorded a draw of 2.8 million barrels on the week, maintaining the run of draws and stocks are 0.7% lower on the year. Overall gasoline demand also fell 2.9% from year-ago levels. Distillate recorded a draw of 1.9 million barrels and a year-on-year decline of 4.2%.
Powered by Commodity Insights