Energy Commodities Report June 2015

• Crude oil

– MCX crude oil futures declined 2.40% in June to close at

Rs. 3,776 per barrel.

– A drop in Chinese oil imports and OPEC’s decision to keep

its production ceiling unchanged pushed oil prices down.

– A strong dollar and excess supply from major oil producers

aided the decline as well.

– At the end of the month, concerns over a potential deal

with Iran that would add to the global glut of crude

supplies and uncertainty surrounding the financial crisis in

Greece kept oil prices subdued.

• Natural gas

– MCX natural gas futures moved up 5.95% in June, closing

the month at `179.90 per mmBtu.

– Warm weather throughout much of the U.S. and forecasts

of similar conditions in the short term, brightened

prospects of demand for cooling, led to a gas price rise.

– Apprehensions over an impending storm in the Gulf of

Mexico—a key natural gas–producing region—fed

concerns over gas supplies and aided rise in gas prices

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