Nymex crude oil ended in the positive territory on Thursday and gained almost 2 percent. Favorable trade data from the US and OPEC’s failure to increase production quotas supported oil prices.
It touched an intra-day high of $102.44/bbl and closed at $101.93/bbl yesterday. MCX crude June contract gained 0.6 percent and touched an intra-day high of `4575/bbl on Thursday.
China’s oil imports increased in the month of May
Crude oil imports in China rose to 21.55 million tonnes in May as compared to 21.54 million tonnes in the previous month. On a yearon- year basis, the country’s oil imports increased 20.7 percent to 5.07 million barrels per day in the month of May.
Natural gas
Natural Gas Inventories increased
Report released by the US Energy Department yesterday showed that natural gas stocks increased more than expected by 80 billion cubic feet (bcf) for the week ending 3rd June.
Gas prices declined almost 4 percent on the Nymex mainly due to a stronger dollar and more than expected rise in US natural gas inventories.
Prices touched an intra-day low of $4.510/mmBtu and close at $4.660/mmBtu. On the MCX, natural gas slipped around 3.5 percent and closed at `209.3 on Thursday.
Outlook
Crude oil prices are expected to trade higher today as no decision by the OPEC to increase production quotas coupled with decline in US crude oil inventories last week will provide upside to oil prices.
