Total motor gasoline inventories decreased by 2.3 barrels from last week and were 1 per cent below the five-year average for this time of year.
| Photo Credit:
ISSAC URRUTIA
Crude oil futures traded lower on Thursday morning, despite a sharp decline in US crude inventories for the week ending September 12.
At 9.57 am on Thursday, November Brent oil futures were at $67.77, down by 0.26 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $63.83, down by 0.34 per cent. September crude oil futures were trading at ₹5,623 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5,646, down by 0.41 per cent, and October futures were trading at ₹5,613 against the previous close of ₹5,638, down by 0.44 per cent.
According to the US EIA (Energy Information Administration), US commercial crude oil inventories decreased by 9.3 million barrels for the week ending September 12. At 415.4 million barrels, US crude oil inventories were about 5 per cent below the five-year average for this time of year.
Total motor gasoline inventories decreased by 2.3 barrels from last week and were 1 per cent below the five-year average for this time of year. Distillate fuel inventories increased by 4 million barrels last week and were about 8 per cent below the five-year average for this time of year.
Total products supplied in the US over the last four-week period averaged 20.7 million barrels a day, up by 1.7 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, up by 0.5 per cent from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 1.8 per cent from the same period last year. Jet fuel product supplied was up 1.1 per cent compared with the same four-week period last year.
Meanwhile, the US Federal Reserve reduced policy rate by 25 basis points on Wednesday. Fed is also planning for additional two rate cuts by the end of the year.
After announcing 25 basis points rate cut on Wednesday, Fed Chair Jerome Powell told reporters that more cuts would follow at meetings in October and December. He said the softening job market was now top of the mind for him and his fellow policymakers.
A reduction in interest rates will help boost demand for commodities such as crude oil.
October nickel futures were trading at ₹1,348.20 on MCX during the initial hour of trading on Thursday against the previous close of ₹1,341.10, up by 0.53 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October dhaniya contracts were trading at ₹8,360 in the initial hour of trading on Thursday against the previous close of ₹8,334, up by 0.31 per cent.
September guarseed futures were trading at ₹5,090 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹5,077, down by 0.26 per cent.
Published on September 18, 2025