The crude oil price has seen buying opportunities on all dips, so 9 percent gains in the previous week and it is back above USD 100 per barrel for both the crude varieties; USD 110 per bbl for the Brent crude oil.

The European Union might phase in a ban on Russian oil and that is what is bothering the market. Also, more statements coming from major global trading houses planning to curtail Russian oil from the month of May and that seems to be weighing on the prices as well. So constant gains and good buying with good volumes are seen in crude.

The crude products also seem to be doing well. So the US natural gas price is trading at 13 years high. This comes in on the back of US inventories which are at a 3 year low.

Also Read: RBI policy: Expect crude oil price to average at $100 per barrel for FY23, says Guv Das

The exporting volumes are at a record high, the gas production has not increased so much and the inventories, looking at the last 5-year average, are 17 percent lower. So the fundamentals seem strong everywhere.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.

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First Published:Apr 18, 2022 8:26 AM IST