Page 27 - Crude Oil
NSE to introduce WTI crude oil, natural gas futures contracts from May 15
National Stock Exchange (NSE) on Friday said it will launch futures contracts on underlying WTI crude oil and natural gas in the commodity derivatives segment from May 15. This comes after the exchange, last month, received approval from markets regulator Sebi to launch the rupee-denominated Nymex WTI crude oil and natural gas futures contracts in its commodity derivatives segment. These contracts will expand NSE's product offering in the energy basket and its overall commodity segment. Experts believe that these contracts would provide the market participants with an efficient avenue to hedge their price risk. "Futures contracts on underlying WTI crude oil and natural gas (Henry Hub) would be available for trading in commodity derivatives segment with effect from May 15, 2023," NSE said in a circular. In February, NSE signed a data licensing agreement with CME Group. The pact allows the bourse to list, trade and settle rupee-denominated WTI crude oil and natural gas derivatives .
 "NSE to introduce WTI crude oil, natural gas futures contracts from May 15")
Crude oil at sea surges in fresh sign of Russian flows going farther
The increase reflects the recasting of the global oil market following Russia's invasion of Ukraine
 "Crude oil at sea surges in fresh sign of Russian flows going farther")
Avoid paint stocks as crude oil may keep margin cheer at bay: Analysts
Analysts advise investors to avoid the sector over the short-to-medium term
 "Avoid paint stocks as crude oil may keep margin cheer at bay: Analysts")
Statsguru: Six charts show higher crude prices tend to push up inflation
The quantity of crude that India imported was 6 per cent lower in 2021-22 at 212 million tonnes compared to 2018-19
 "Statsguru: Six charts show higher crude prices tend to push up inflation")
Russian oil & Opec effect: Outcome of buying Urals oil above cap are severe
The risks to Indo-Russian oil trade escalate when Urals crude starts trading above the cap imposed by the European Union
 "Russian oil & Opec effect: Outcome of buying Urals oil above cap are severe")
Fuels from Russian crude oil get backdoor entry into Europe via India
Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share
 "Fuels from Russian crude oil get backdoor entry into Europe via India")
Refiners' February crude processing stays elevated amid robust demand
India's fuel demand hit its highest level in at least 24 years in February, with industrial activity in Asia's third biggest economy boosted by cheap Russian oil
 "Refiners' February crude processing stays elevated amid robust demand")
Windfall tax on domestic crude oil cut to nil, on export of diesel halved
This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax
 "Windfall tax on domestic crude oil cut to nil, on export of diesel halved")
Oil price stable as markets weigh OPEC+ surprise cuts amid demand woes
The latest pledges bring the total volume of cuts by Opec+ to 3.66 million bpd, including a 2 million barrel cut last October, equal to about 3.7 per cent of global demand
India will not be impacted by Opec+ production cut, officials say
Industry executives said imports from Russia may rise further as talks are on to address difficulties in paying for Russian crude
 "India will not be impacted by Opec+ production cut, officials say")
Centre cuts all windfall tax on domestically produced crude oil from today
Previously in March, the Centre had slashed the windfall tax by Rs 900 per tonne to Rs 3,500 per tonne from Rs 4,400 per tonne
 "Centre cuts all windfall tax on domestically produced crude oil from today")
Oil leaps 6% as Opec+ shocks markets with plans to cut output target
Oil benchmarks jumped 6% on Monday, the day after the OPEC+ group jolted markets with plans to cut more production, raising fears of tightening supplies
Crude oil can hit $100 a barrel if production cuts continue: Analysts
Others, too, believe that $100 a barrel could become a reality
 "Crude oil can hit $100 a barrel if production cuts continue: Analysts")
India's oil demand outpaced world amid pandemic, Russia-Ukraine war
Consumes nearly half a million barrels a day more than in 2019
 "India's oil demand outpaced world amid pandemic, Russia-Ukraine war")
In surprise move, Opec+ cuts daily oil output by over 1 million barrel
The move would likely raise prices at the pump, further straining relations between Riyadh and Washington as the world copes with inflation fuelled in part by the war in Ukraine
Russia pulls off revolution in India's overall crude oil basket
Oil supplies from Russia surged after the G7's stringent sanctions, relegating traditional suppliers Iraq and Saudi Arabia to second and third place
Consumer, tyre companies wait for crude derivative prices to ease
The firms also say that while crude oil prices have cooled off, they must sustain at current levels for actual impact to be seen on manufacturing operations
Ageing shadow fleet carrying Russian oil poses disaster risk: Report
The aftermath of European Union sanctions on Russia mean that the Turba has been enlisted into a vast shadow fleet carrying Moscow's oil around the globe
 "Ageing shadow fleet carrying Russian oil poses disaster risk: Report")
Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked
Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy
 "Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked")
Coal, crude oil spike lead port cargo charge in FY23, shows govt data
Growth in bulk segments, but grey clouds hover over container cargo
 "Coal, crude oil spike lead port cargo charge in FY23, shows govt data")