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Friday, 30 November 2018

Demand of Guar gum for oil drilling in USA is increasing

Crude Oil production in USA is increasing regularly and in the month of November Crude oil production in USA is historic all-time high. In the month of November domestic crude oil Production is 11.7 Million Barrels per Day. USA is emerged as largest oil producer of world after Russia and Saudi Arabia. Export of Crude oil from USA is less than 3% percent of global export. It si expected that USA will increase the share of its crude oil export. Its is good sign for Indian guar gum industry that crude oil production in USA is increasing and USA uses fracking technology for crude oil production. Guar gum is used in bulk quantity in hydraulic fracturing for oil drilling.

Active rig count in USA in also higher than previous year. On 21 November there was 1079 rigs in USA which were 156 more than previous year. Oil rig count isn major scale for drilling industry and its input supplier. Active rig count is an active demand indicator for product used in new drilling, completing, producing and processing of hydrocarbon. 

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Export demand of Guar gum is high currently. Continuously it is increasing than previous years. Demand of Guar Churi Korma is also high in market. Export of Guar Churi Korma is also on peak. Arrival of guar in market is going down. Most of guar has been settled either with processors or stockist. Availability of guar will be very limited in coming days. USD/INR exchange rate is also coming down. Exporters have to pay more for the local procurement and processing in calculation of USD. 

Guar seed and Guar gum commodities are being traded strong on physical markets due to strong buying at lower levels. Prices of Guar seed and Guar gum both are quoted strong . Forward contracts of Guar seed and Guar gum are also strong due to buying at lower levels. Good quality of guar seed is traded at Rs 4400/100Kg and average quality guar seed is traded at Rs 4300/100 Kg. Standard quality guar gum is traded at Rs 9000/100 kg. In interior location, guar seed is traded up to 4200/100 Kg. Guar seed is being traded strong in the future market. At NCDEX (National Commodity & Derivatives Exchange Ltd) guar seed-10MT is closed at Rs 4311, 4362, 4410 higher by 1.5 percent or INR 63.5/100 Kg, 1.52 percent or INR 65.5/100, 0.96 percent or INR 42/100 with open interest of 79930, 74910, 2060 for December, January and February month contracts. 

Guar gum is being traded strong in the future market. At NCDEX (National Commodity & Derivatives Exchange Ltd) Guar gum- 5MT closed at Rs 8717, 8826, 8965 higher by 2.36 percent or Rs 201/100Kg, 2.07 percent or Rs 179/100, 1.05 percent or Rs 93/100 with an open interest of 23325, 53645, 660 for December, January and February month contracts.

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