Energy Preview: MCX Crude Breaks Above Rs 4400 Levels

Brent crude oil futures soared near three year highs above $ 70 per barrel on escalating geopolitical tensions. MCX Crude also topped above Rs 4400 per barrel levels. Meanwhile, the US Energy Information Administration (EIA) noted in its Weekly Petroleum Status Report that the US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, of the week ending April 6, increased by 3.3 million barrels from the previous week. At 428.6 million barrels, US crude oil inventories are in the lower half of the average range for this time of the year. Total products supplied over the past four-week period averaged over 20.7 million barrels per day, up 5% from the same period last year. Over the past four weeks, motor gasoline products supplied averaged 9.3 million barrels per day, down 0.6% from the same period last year. Refinery crude runs rose by 83,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.5 percentage points, bringing overall capacity utilization to 93.5% for the nations refiners, the highest level seasonally since 2005.