U. S. crude futures edged up over $60 a barrel on Wednesday, as industry data showed crude oil and gasoline stockpiles fell last week but closed slightly down. MCX Crude also made a high of Rs. 3003 but settled lower at Rs. 2901. Nat gas climbed by 6.41 and 4.64 percent respectively on NYMEX and MCX respectively.
Shell Oil Co shut the crude distillation unit at its 156,400 barrel per day (bpd) San Francisco Bay-area refinery in Martinez, California, on Tuesday for a month of planned work, according to sources familiar with refinery operations.
U. S. crude oil stockpiles fell last week as domestic refiners boosted run rates, the American Petroleum Institute said on Tuesday. Commercial crude inventories fell 1.2 million barrels, with the U. S. East Coast bearing the brunt of the decline, according to the weekly report from the industry group.
Temperatures in key gas consuming cities New York and Chicago were seen mostly below normal for the next six days, with highs topping out near 80 degrees Fahrenheit in both cities, according to forecaster DTN Meteorlogix.
The U. S. National Hurricane Center said early Tuesday it did not expect any tropical development for the next 48 hours.
Crude oil fundamental seems to remain weak as demand continues to fall in OECD countries, but overall positive sentiments in financial markets are supporting crude oil prices. Draw in inventory of gasoline may trigger some upside after inventory report today as stocks are expected to decline further. Bias for the day would be on upside.