Last Updated : 10 January 2013 at 10:30 IST
Great Chinese turnaround gives Crude Oil bulls their chance
Crude oil stocks at Cushing in Oklahoma climbed to a record high of 50 million barrels even as US crude oil imports jumped 18% to 8.34 million barrels a day.
- India Crude Oil may trade sideways on mixed fundamentals: SMC
- While U.S. Natural gas prices tend to rise in winter due to heating demand, and some see limits to the recent rally, this year's cold has offered the kind of early boost not seen in years. Prices Thursday were 30 percent higher than a year ago. Upsid
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China's crude oil imports advanced 0.8% year-on-year to 23.56 million tons, or 5.76 million barre..
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LONDON(Commodity Online): The export oriented economy, China, has made a genuine turn around as data suggests exports jumped by 14% in December from a year earlier beating the Bloomberg estimates of 5%.
“This will bode well for oil demand from the manufacturing sector” in China, the head of regional energy research for Mirae Assets Securities Ltd. in Hong Kong, Gordon Kwan said to Bloomberg.
“This reaffirms our view that China’s export-led economy has indeed staged a genuine turnaround.” he added.
Brent crude oil for delivery on February 13 on the ICE Futures, Europe was spotted trading at $111.86 a gain of $0.26 or 0.23%. WTI crude oil for delivery on the same date was seen trading at $93.44 or a gain of $0.34 or 0.37%.
MCX crude oil for delivery on January 21 was seen trading at Rs.5119 a barrel a gain of 0.25%.
Meanwhile, crude oil stocks at Cushing in Oklahoma climbed to a record high of 50 million barrels even as US crude oil imports jumped 18% to 8.34 million barrels a day; first climb in two fortnights.
“Inventories have been elevated for some time,” said David Lennox, an analyst at Fat Prophets in Sydney to Bloomberg.
“There might be a modest recovery in demand in the U.S. China will put further pressure on the demand side this year.” he added.
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