Natural gas, Crude oil, Energy Overview: May 2015
From MCX Report
• Crude oil
– MCX crude oil futures inched up by 2.08% in May 2015 to
close the month at `3,869
per barrel.
– Crude oil prices traded nearly flat helped by tensions in
Middle East amidst concerns over demand from
China and
the euro zone, especially with the hovering
Greek debt
crisis.
– Despite concerns over global oil glut, consistent weekly
declines in the number of active US oil rigs
as well as fall in
U.S. oil inventories led to some rise in oil
prices.
• Natural gas
– MCX natural gas futures prices declined by 3.30% in May
2015, ultimately closing the month at `169.8
per mmBtu.
– Strong production amidst relatively low demand for
natural gas at this time of year got reflected
in the
consistent rise in weekly U.S. gas stocks,
pushed natural
gas prices down.
– Additionally, mild temperatures across most parts of the
U.S. bringing down gas requirements for
heating, also
added to bearish sentiments.
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