MTECHTIPS;-US Crude Oil Inventories Slip For Eighth Week

MTECHTIPS;-US Crude Oil Inventories Slip For Eighth Week

MTECHTIPS- Crude oil futures continued to stay supported Wednesday, extending 4-year highs amid further signs the global oil market is tightening. US crude inventories fell 4.9 million barrels last week, more than the 3.9-million decline forecast. It was the eight week in a row that inventories slipped. The WTI Crude rose 61 cents, or 1%, to settle at $63.57 a barrel yesterday. MCX Crude oil futures closed up 0.87% at Rs 4038 per barrel. Meanwhile, India’s fuel product consumption or sales surged 7.6% to 17.41 mt in December 2017 over a year ago. Diesel jumped 10.4% to 7.26 mt, petcoke 15.7% to 1.91 mt, others 35.3% to 0.62 mt, petrol 8.1% to 2.12 mt and LPG 3.1% to 2.00 mt. The consumption of bitumen also improved 7.7% to 0.62 mt, light diesel oil (LDO) 32.8% to 0.05 mt and lubes/greases 2.1% to 0.30 mt. The consumption of ATF was flat at 0.64 mt, while that of kerosene declined 21.3% to 0.31 mt, and fuel oil 7.5% to 0.57 mt and naphtha 2.6% to 1.01 mt in December 2017. Consumption or sales of fuel products increased 3.9% to 152.01 mt in April-December 2017 over April-December 2016. Sales of diesel increased 5.9%, petrol 8.6%, LPG 8.1%, and petcoke 6.9%. Consumption of others moved up 11.9%, ATF 7.8%, lubes/greases 2.1% and LDO 4.6%. However, the consumption of kerosene declined 31.1%, naphtha 9.8%, fuel oil 8.4% and bitumen 2.2% in April-December 2017

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