Free MCX Tips - MCX Oil Takes A Huge Tumble, Profit Selling Hits Crude Globally
silver trading tips - Crude oil futures slipped today as profit booking was visible in the energy counter ahead of the weekend. Traders took some money off the table after prices hit three year highs as a rather tepid medium assessment about the oil price movement by the US Energy Information Administration (EIA) weighed on the sentiments. WTI Crude oil is currently trading at $63.39 per barrel, down 0.64 on the day. MCX Crude oil futures are trading at Rs 4029 per barrel, down 1.73 on the day. Oil prices opened sharply lower today, dropping more than Rs 50 in early minutes of the trade.
EIA forecast mostly flat crude oil prices and increasing production in 2018 and 2019 in a latest update this week. The price of Brent crude oil averaged $54/barrel (b) in 2017, an increase of $10/b from 2016. EIAs January Short-Term Energy Outlook forecasts Brent to average $60/b in 2018 and $61/b in 2019. In both 2018 and 2019, EIA expects total global production to be slightly greater than global consumption, with US production increasing faster than production in any other country, contributing to modest inventory builds.
EIA forecasts the West Texas Intermediate (WTI) crude oil spot price will average $55/b in 2018 and $57/b in 2019. Average WTI crude oil prices are forecast to stay between $4/b and $5/blower than Brent prices in both 2018 and 2019, falling from the $6/b average price differenceseen in the fourth quarter of 2017. The narrowing price discount of WTI to Brent in the forecast is based on the assumption that current constraints on the capacity to transport crude oil from the Cushing, Oklahoma, storage hub to the US Gulf Coast will gradually lessen.
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Despite the prospect of flat crude oil prices into the future, EIA forecasts total US crude oil production will increase to an average of 10.3 million b/d in 2018, up 1.0 million b/d from 2017. That level would be the highest annual average on record, surpassing the previous record of 9.6 million b/d set in 1970. In 2019, crude oil production is forecast to rise to an average of 10.8 million b/d. Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) averaged 32.5 million b/d in 2017, a decrease of 0.2 million b/d from 2016. EIA expects OPEC crude oil production to increase by 0.2 million b/d in 2018 and by an additional 0.3 million b/d in 2019 as it slowly returns to pre-agreement levels.
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