Petroleum futures traded lower Thursday early morning as the petroleum item stocks increased in the United States.
At 9.54 am, the August Brent oil futures were at $76.73, down by 0.29 percent; and July petroleum futures on WTI were at $72.33, down by 0.28 percent.
June petroleum futures were trading at 5,981 on Multi Product Exchange (MCX) in the early offers versus the previous close of 6,004, down by 0.38 percent; and July futures were at 6,008 versus the previous close of 6,033, down by 0.41 percent.
Petroleum status report by the United States EIA (Energy Info Administration) for the week ending June 2, launched on June 7, revealed a boost in the stocks of petroleum items.
Overall motor gas stocks increased by 2.7 million barrels from recently. Both the ended up gas and mixing elements stocks increased recently along with extract fuel by 5.1 million barrels. This boost in stocks raised issues in the market over need for items in United States, which is a significant customer of oil internationally.
Nevertheless, the petroleum stocks decreased in the United States throughout the duration. The United States industrial petroleum stocks (omitting those in the tactical petroleum reserve) reduced by 0.5 million barrels from the previous week. At 459.2 million barrels, the United States petroleum stocks were 2 percent listed below the five-year average for this time of year.
On The Other Hand, the United States petroleum imports balanced 6.4 million barrels each day recently, a reduction of 817,000 barrels each day from the previous week. Over the previous 4 weeks, petroleum imports balanced about 6.6 million barrels each day, 3.5 percent greater than the exact same four-week duration in 2015.
June menthaoil futures were trading at 907.40 on MCX in the early offers versus the previous close of 902, up by 0.60 percent.
On the National Commodities and Derivatives Exchange (NCDEX), June cottonseed oilcake agreements were trading at 2503 in the preliminary trading hour of Thursday early morning versus the previous close of 2542, down by 1.53 percent.
June dhaniya futures were trading at 5926 on NCDEX in the preliminary trading hour of Thursday early morning versus the previous close of 6002, down by 1.27 percent.