Page 30 - Crude Oil

NSE to launch options contracts on WTI Crude Oil, Natural Gas from Oct 9

The National Stock Exchange (NSE) on Friday said it will launch options on NYMEX WTI Crude Oil and Natural Gas futures contracts in its commodity derivatives segment from October 9. "The exchange has received approval from Sebi (Securities and Exchange Board of India) for launching options contracts on underlying WTI Crude Oil and Natural Gas Futures. The contracts would be available for trading from October 9," NSE said in a circular. On September 26, the exchange announced the launch date as October 16 and now it has been rescheduled to October 9. The addition of options on futures contracts will further boost NSE's product offering in the overall commodity segment. These contracts are designed to provide the market participants with a more efficient way to manage their commodity risk, the NSE had stated. Earlier, the exchange launched rupee denominated futures contracts on underlying NYMEX WTI crude oil and natural gas in its commodity derivatives segment. The NSE witnessed a ..

Crude oil falls $1 on demand fears, Saudi confirms cuts to year-end

Brent crude oil futures were down $1.58, or 1.74%, to $89.34 a barrel at 1045 GMT, while U.S. West Texas Intermediate crude (WTI) fell $1.60, or 1.79%, to $87.63 per barrel

Govt invites France's TotalEnergies to bid for oil exploration rights

India buys more than 84% of the oil it needs from overseas and is seeking to quickly develop its hydrocarbon reserves to reduce import dependence

Govt increases windfall tax on petroleum crude, cuts levy on diesel, ATF

The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30

Inflation drops sharply in Europe, but higher crude oil prices loom

Inflation that has been plaguing Europeans declined sharply in September, strengthening hopes that consumers will eventually get relief from costlier groceries, vacations and haircuts and that the European Central Bank won't have to further restrict the economy by raising interest rates from already-record highs. The annual rate was 4.3% this month, a drop from 5.2% in August. But recently higher oil prices are casting a shadow over prospects for beating inflation back down to the central bank's target of 2%. Core inflation, which excludes volatile fuel and food prices, fell more than analysts expected to 4.5% from 5.3%, according to data released Friday by the European Union's statistics agency, Eurostat. The ECB closely watches this figure to assess how inflation is coming down. The fall in core inflation reinforces our view that the ECB has finished raising interest rates, said Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics. He predicted that the ...

India 10-year yield posts first quarterly rise in 5 on rising oil, US peers

The 10-year benchmark 7.18% 2033 bond yield ended at 7.2162% on Friday, leading to 10 basis points increase for the quarter. It had dropped by an aggregate 33 basis points in the last four quarters

Crude oil heads for 2% weekly gain on tight US supply, China demand

Brent futures touched their highest since November 2022 on Thursday, hitting an intra-day peak of $97.69 a barrel. Meanwhile, WTI hit highest intra-day price since August last year at $95.03 barrel

MEIL secures Rs 5,400 crore crude oil refinery project in Mongolia

Home-grown Megha Engineering and Infrastructures Ltd (MEIL) has secured a USD 648-million (about Rs 5,400 crore) work order in Mongolia. The order has been awarded by Mongol Refinery State Owned LLC, MEIL said in a statement on Friday. "MEIL has clinched a significant deal in Mongolia. The company received a Letter of Agreement (LOA) for constructing a state-of-the-art crude oil refinery plant valued at USD 648 million," it said. In this regard, MEIL hydrocarbons President P Rajesh Reddy and Altantsetseg Dashdavaa, Executive Director, representing the Mongol Refinery State Owned LLC, inked the new project contract at Ulaanbaatar in Mongolia on Friday. MEIL Managing Director P V Krishna Reddy along with other senior officials from both countries attended the event. Krishna Reddy said, "MEIL holds a prominent position in the global hydrocarbon sector, with a presence across upstream, midstream, and downstream operations. The new venture marks the company's third foray into the ...

Russian oil trading close to $100 defying increasingly redundant G7 cap

G-7 officials have been long indicating that they have no intention of revisiting the cap for the time being, despite spot prices surging far above the threshold for Russian exports

Tight supply, inflation concerns keep crude oil investors on fence

By 1111 GMT, Brent crude futures were down 37 cents to $96.18 a barrel after rising to their highest level since last November earlier in the session. The November contract expires on Friday

Nearby Brent crude contract spread hits 2023 high on tight supply

Brent, which is used to price more than three-quarters of the world's traded oil, has been rising since late June, as leading producer Saudi Arabia spearheaded output cuts

OPEC's share of India's August crude oil imports at five month high

This surge was attributed to Indian refiners reducing their purchases of Russian oil due to elevated prices and maintenance outages at some facilities, as indicated by tanker data from various sources

Impact check: Higher crude oil prices threaten India Inc's profit margins

Weak demand, global slowdown add to their woes

Reliance Industries may transform into holding company: CreditSights

Oil-to-telecom conglomerate Reliance Industries Ltd may eventually transform into a holding company, with majority stakes in independent entities that operate the major business verticals, CreditSights, part of the Fitch Group, said on Monday. In a report on billionaire Mukesh Ambani's succession plans at Reliance, it said robust credit profile, aided by strong anticipated earnings outlooks for its telecom and retail segments, mitigate a poorer outlook for Reliance's downstream oil unit amid high crude oil prices and its elevated capex needs. Reliance recently shed more light on the conglomerate's business succession plans, when company chairman Mukesh Ambani announced that his three children - Akash, Isha and Anant - would be inducted into the firm's board of directors. Ambani said he would continue performing his duties as chairman and CEO for five more years. "We view the further progress in Ambani's succession plans favorably, considering key man risk has been a persisting conce

After lower sales in August, Russia ups discount on crude sale to India

Higher discounts on Russian oil this month may help Indian refiners reduce crude sourcing costs and trim fuel marketing losses even as Brent crude crosses $95/barrel, weakening the country's finances

Skid marks may appear in Street as oil prices wear out tyre stocks

Margins have likely peaked in Q1 as commodity headwinds start to bite

After BPCL, ONGC signs up HPCL for sale of oil from Mumbai offshore fields

State-owned Oil and Natural Gas Corporation (ONGC) has signed an agreement to sell crude oil it produces from Mumbai offshore fields to HPCL - the second such agreement in as many months, as India's top oil and gas producer prefers term contracts over auctions where refiners hammer deep discounts. In a post on X, formerly known as Twitter, ONGC said it has inked "term agreement with HPCL for sale of crude oil from Mumbai offshore." While it did not give details, sources aware of the matter said the pact for sale of about 4.5 million tonnes per annum of crude oil to Hindustan Petroleum Corporation Ltd's (HPCL) Mumbai refinery. "This is the second term agreement sealed for sale of Mumbai Offshore crude oil post marketing freedom," ONGC said. Last month, ONGC had signed a similar pact to sell 4 million tonnes per annum plus an optional 0.5 million tonnes of crude oil to Bharat Petroleum Corporation Ltd (BPCL), which too has a refinery to convert the crude oil into fuels like petrol an

Oil prices increase as Russia fuel export ban stokes supply concerns

Brent futures were up 78 cents, or 0.84%, at $94.08 a barrel by 1443 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by $1.02, or 1.14%, to $90.65 a barrel

Crude oil rally gathers momentum as Brent pops above $96 a barrel

Crude has soared by about a quarter since mid-June, with Riyadh and Moscow joining hands to curtail exports in a bid to drain inventories and drive a rebound in prices

Oil imports fall for third month in row in Aug on lower Russian shipments

Crude imports fell 3.9% month-on-month to 18.73 million metric tons in August, Petroleum Planning and Analysis Cell (PPAC) data showed