Energy Preview: Mixed Moves Seen In Crude Oil

Crude oil futures stayed mixed after testing near one week low as steady buying emerged on strength in stock markets thereafter. MCX Crude oil futures closed around Rs 4550 per kg levels. US crude oil inventories increased last week ending April 20, and the refining sector fell 328,000 barrels per day from the previous weeks average, the US Energy Information Administration (EIA) said in a report. According to the Weekly Petroleum Status Report, US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, of the week ending April 20 increased by 2.2 million barrels from the previous week. At 429.7 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 20.4 million barrels per day, up by 4.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up 1.3% from the same period last year.