Pure fuel futures edged decrease to Rs 181.50 per mmBtu on September 2 as contributors elevated their brief place as seen by the open curiosity. Pure fuel costs slipped 3.9 p.c yesterday on Nymex.
Pure fuel costs got here beneath strain on easing provide considerations as producers restarted some manufacturing within the Gulf of Mexico as storm exercise subsided.
Based on the US Bureau of Security and Environmental Enforcement, about 24.96 p.c of Gulf of Mexico crude manufacturing was closed as of September 1.
Within the futures market, pure fuel for September supply touched an intraday excessive of Rs 186.30 and an intraday low of Rs 180.60 per mmBtu on MCX. To this point within the present sequence, pure fuel has touched a low of Rs 131.30 and a excessive of Rs 203.
Pure fuel supply for September slipped Rs 7.20, or 3.82 p.c, to Rs 181.50 per mmBtu at 14:51 hours IST, with a enterprise turnover of 12,679 tons.
Pure fuel supply for October was down Rs 4, or 1.86 p.c, at Rs 210.70 per MMBtu, with a enterprise quantity of 1,789 tons.
The worth of September and October’s contracts traded to this point is Rs 1,398.98 crore and Rs 45.18 crore, respectively.
Pure fuel has rallied sharply in the previous couple of days and is now correcting amid lack of recent constructive triggers. We, nonetheless, don’t anticipate a sustained decline as bettering export prospect could preserve a test on the draw back, stated Kotak Securities.
At 09:24 (GMT), the pure fuel costs declined 1.94 p.c quoting at $2.48 per mmBtu in New York.
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First Printed on Sep 2, 2020 03:25 pm