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Pre Session Commentary
Energy Preview: Crude Tumbles In Asia
22-May-20   09:05 Hrs IST

WTI Crude oil futures stayed well supported yesterday, hitting two and half month high even as equities eased. However, oil tanked in Asia and currently trades at $31.30 per barrel, down 7.80% on the day. MCX Crude oil closed at Rs 2567 per barrel, up 1.87% on the day after hitting a high of Rs 2638 per barrel. The number of active US crude oil and natural gas rigs is at the lowest point on record, according to Energy Information Administration (EIA). US Energy Information Administration (EIA) reported an oil inventory draw of 5 million barrels for the week to May 15th. Inventories are falling now after soaring over last few weeks. EIA had reported a draw of 700,000 bpd last week. The EIA reported an inventory build of 2.8 million barrels in gasoline for last week, compared with a decline of 3.5 million barrels for the previous week.

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