Friday, 16 October 2015

Mcx Commodity Market Crude Oil and Natural Gas Updates

Oil-rig reductions suggest a decline of more than 250,000 bpd in U.S. crude production between the second and fourth quarters of this year, Goldman Sachs said in a report.
                   NYMEX crude oil (CMP: $46) can possibly move lower towards $40, while MCX crude (CMP: Rs.3006) can move lower to the extent of Rs.2700/bbl in the medium term.


Natural gas prices on the NYMEX declined by around 6.15 percent in Sep’15 while MCX prices also declined by 6.72 percent. In the same time frame, rupee appreciated by around 1.35 percent.
                  
 We expect natural gas prices on the NYMEX to head higher towards $2.95/MMBTU (CMP: $2.52) while MCX NG prices can head higher towards Rs.195/MMbtu. (CMP: Rs.164).

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