Energy Preview: MCX Crude Spurts Near Rs 4500 Level

Crude futures soared sharply yesterday- adding nearly two and half dollars to text around three year high near $ 69 level. MCX Crude oil spurt nearly 3% to close at Rs 4479 per barrel after testing highs near Rs 4500 level. US crude oil inventories, excluding the Strategic Petroleum Reserve, dropped 1.1 million bbl for the week ended Apr. 13, according to US Energy Information Administration data. The latest estimate is 427.6 million barrel, putting oil in storage in the lower half of the average range for this time of year. The total motor gasoline inventories decreased 3 million bbl but are in the upper half of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased 3.1 million bbl last week and are in the lower half of the average range for this time of year.

US refinery inputs averaged more than 16.9 million b/d for the week ended Apr. 13, about 70,000 b/d less than the previous week’s average. Refineries operated at 92.4% of capacity. Gasoline production increased, averaging 10.2 million b/d. Distillate fuel production decreased, averaging 5.1 million b/d. US crude oil imports averaged more than 7.9 million b/d, down 720,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 8.2 million b/d, 2.7% more than the same period last year. Total motor gasoline imports averaged 705,000 b/d. Distillate fuel imports averaged 103,000 b/d.