Trends - Crude Oil - Business Recorder

Crude Oil

Oil rises on US, Europe demand growth optimism

Demand boost in US, Europe bolsters sentiment.
Strong US economic outlook, weaker dollar also supportive.
India's soaring COVID-19 infections limit demand outlook.

Published 04 May, 2021 07:53pm

Markets

US oil may revisit April 30 low of $63.08

A downward wave C is developing towards a range of $58.84-$61.37.

Published 04 May, 2021 12:01pm

Markets

Palm oil may retreat into 3,967-4,010 ringgit range

The shallow correction on the hourly chart will be a basic preparation for breaking a resistance at 4,131 ringgit.

Published 04 May, 2021 11:59am

Markets

Brent oil may revisit Monday low of $66.10

The third leg of the correction may have just started.

Published 04 May, 2021 11:57am

Markets

Oil holds near $67 as demand hopes balance India concern

Surge in coronavirus cases hits India's April fuel demand.
OPEC boosts output in April, OPEC+ increase takes effect in May.
Iran nuclear talks in focus.

Published 03 May, 2021 07:51pm

Markets

US oil may fall to $62.33

A retracement analysis reveals that oil has pierced below a support at $63.53. Chances are it may drop to $62.33.

Published 03 May, 2021 12:19pm

Markets

Palm oil may rise into 3,967-4,010 ringgit range

A break below 3,855 ringgit could open the way towards the zone of 3,743-3,805 ringgit.

Published 03 May, 2021 12:18pm

Markets

Brent oil may test support at $66.01

Oil seems to be dropping towards the lower trendline of a rising wedge, which establishes a support around $66.01.

Published 03 May, 2021 12:16pm

Markets

India demand worries, weak Japanese imports knock oil prices from six-week highs

Brent to average $64.17 in 2021-Reuters poll.
Japan's March oil imports fall 25.0 pct y/y – METI.
China's factory activity growth slows in April.
Japan's April manufacturing expands at fastest pace since 2018.
India infections top 18 million.

Published 30 Apr, 2021 08:54pm

Markets

Oil prices to drift higher despite India demand hiccup

Demand growth seen at 5.5-6.5 million bpd in 2021.
Fifth straight upward revision to the 2021 Brent consensus.
Benchmark Brent crude to average $64.17/bbl in 2021.
US crude forecast to average $61.01/bbl this year.

Published 30 Apr, 2021 06:43pm

Markets

Brent oil may test support at $67.66

It will be very difficult for oil to break these resistances. A break may lead to a limited gain to $69.65.

Published 30 Apr, 2021 11:31am

Markets

Forties oil work to drive drop in June Brent benchmark supply

Forties is normally the largest or second-largest of the five crude grades that underpins Brent, loading as many as 15 cargoes in a month. The other four grades are Ekofisk, Oseberg, Troll and Brent itself.
"It's going to be a tiny programme," one of the sources said, adding that the Hound Point terminal where Forties cargoes load would be closed for most of June.

Published 29 Apr, 2021 05:41pm

Markets

Oil prices rise, bullish demand outlook offsets India concerns

US refinery run rates highest since March 2020.
Oil demand could rise to 101.5 million bpd this summer – Citi.
US dollar at nine-week lows.

Published 29 Apr, 2021 05:05pm

Markets

US oil may test resistance at $64.61

The current prediction is oil would fail again to break the zone and then start a correction which is much shallower than the one from $67.98.

Published 29 Apr, 2021 11:30am

Markets

Brent oil still targets April 20 high of $68.08

With the drop from $71.38 having been so much reversed, the current rally looks like a resumption of the uptrend from $35.74.

Published 29 Apr, 2021 11:28am

Markets

Oil prices rise 2pc on fuel demand optimism

US crude stocks edge up, distillate inventories drop –EIA.
Goldman sees surge in oil demand over next six months.
OPEC+ sticks to plan to ease oil output cuts from May 1.
India's COVID-19 death toll surges past 200,000.

Published 28 Apr, 2021 09:12pm

Markets

Oil prices rise as demand outlook offsets COVID worries

OPEC+ sticks to plan to ease oil output cuts from May 1.
Goldman sees surge in oil demand over next six months.
India's COVID-19 death toll surges past 200,000.
Rystad sees 1 mln b/d demand hit in May from India COVID wave.
API shows increase in US crude inventories.

Published 28 Apr, 2021 08:12pm

Markets

Brent oil may revisit April 20 high of $68.08

On the daily chart, oil has edged up above a resistance at $66.15. It may gain more towards $68.14.

Published 28 Apr, 2021 10:42am

Markets

PMEX daily trading report

KARACHI: On Monday, at PMEX the traded value of Metals, Energy, COTS/FX and indices was recorded at PKR 9.856 ...

Published 28 Apr, 2021 03:18am

Markets

Oil rises as OPEC+ seen sticking to policy despite India COVID surge

OPEC+ brings forward monitoring meeting to Tuesday.
India's total COVID-19 deaths near 200,000.
Iran nuclear talks due to resume on Tuesday.
Coming up: API oil inventory report, 2030 GMT.

Published 27 Apr, 2021 08:21pm

Markets

Brent oil may retest support at $64.66

As long as the contract remains below $66.15, the target of $62.91 will remain intact. A break above $66.15 may lead to a gain to $68.14.

Published 27 Apr, 2021 12:06pm

Markets

Oil falls on India's COVID surge, supply increase

Brent, WTI down more than $1.
COVID-19 cases rise in India and Japan.
Market eyes an OPEC+ meeting this week.
Libya's NOC lifts force majeure on Hariga port.

Published 26 Apr, 2021 05:01pm

Markets

Middle East Crude-Benchmarks fall; Brent-Dubai EFS widest since Nov 2019

The wide Brent-Dubai price spread deterred Asian buyers from purchasing more Atlantic Basin oil priced off Brent and capped spot premiums of regional grades.
Petroleum Brunei has sold its Kimanis crude cargo loading in early June at $1.10 a barrel above dated Brent, while ConocoPhillips sold its cargo likely to Ampol at a premium of $1.30 a barrel, a trader said.

Published 26 Apr, 2021 04:45pm

Markets

US oil may end bounce around $62.62

On the daily chart, the fall from $67.98 could last as long as the one from the Aug. 25, 2020 high of $43.57, which ended on Nov. 2, 2020.

Published 26 Apr, 2021 11:50am

Markets

US oil may edge up to $62.62 before falling

The wave C is expected to resume thereafter.

Published 23 Apr, 2021 11:37am

Markets

Brent oil may bounce to $66.46

A further gain may signal a continuation of the uptrend from $60.27.

Published 23 Apr, 2021 11:35am

Markets

PMEX daily trading report

KARACHI: On Wednesday, at PMEX the traded value of Metals, Energy, COTS/FX and indices was recorded at PKR 10.131...

Published 23 Apr, 2021 05:12am

Markets

Oil rises as EU keeps stimulus flows, dollar falls

US crude stocks show surprise rise in EIA data.
Rising COVID-19 cases in India and Japan raise demand concerns.
OPEC+ set for meeting next week.

Published 22 Apr, 2021 08:36pm

Markets

Oil extend losses into 3rd day on US stock build, pandemic fears

The Organization of the Petroleum Exporting Countries and allies led by Russia, a producer group known as OPEC+, are heading for a largely technical meeting next week in which major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said.

Published 22 Apr, 2021 01:01pm

Markets

US oil may fall to $59.78

A break above $61.35 may lead to a gain to $62.62. On the daily chart, oil has broken a support at $61.74.

Published 22 Apr, 2021 12:29pm

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Apr 25	278.52
USD PKR Interbank Buying / Apr 25	278.32
USD to Japanese Yen / Apr 25	155.60
USD to Swiss Franc / Apr 25	0.91
Pound Sterling to USD / Apr 25	1.25
Euro to USD / Apr 25	1.07

Stock	Volume
S&P 500 / Apr 24	5070.63
Nasdaq / Apr 24	15712.75
Dow Jones / Apr 24	38460.92
India Sensex / Apr 25	73780.80
Tokyo Nikkei / Apr 25	37628.48
Hang Seng / Apr 25	17264.90
FTSE 100 / Apr 25	8077.84
Germany DAX 30 / Apr 25	17994.97

Item	Value
Karachi Cotton PKR/37.32 KG / Apr 23	21035
Gold 10 Grams PKR / Apr 23	213220
Crude Oil USD/Barrel / Apr 25	83.02
Gold Spot USD/Ounce / Apr 25	2325.45
Cotton US¢/pound / Apr 25	80.89
Petrol/Litre / Apr 26	293.94

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Apr 26 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Apr 26 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / Apr 26 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Apr 26 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Apr 26 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / Apr 26 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / Apr 26 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / Apr 26 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Apr 26 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Apr 26 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Apr 26 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / Apr 26 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Apr 26 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Apr 26 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / Apr 26 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / Apr 26 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / Apr 26 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Apr 26 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / Apr 26 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / Apr 26 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / Apr 26 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / Apr 26 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / Apr 26 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / Apr 26 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / Apr 26 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / Apr 26 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / Apr 26 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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