Quoting Russian officials, a Reuters report said that a Ukrainian drone attack early on Friday damaged a ship in port, apartment buildings and an oil depot in the Russian Black Sea port of Novorossiysk, injuring three crew members of the vessel.
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Crude oil futures traded higher on Friday morning following reports of a Ukrainian drone attack on Russian oil infrastructure.
At 9.59 am on Friday, January Brent oil futures were at $63.91, up by 1.43 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $59.60, up by 1.55 per cent. November crude oil futures were trading at ₹5292 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5228, up by 1.22 per cent, and December futures were trading at ₹5300 against the previous close of ₹5244, up by 1.07 per cent.
Quoting Russian officials, a Reuters report said that a Ukrainian drone attack early on Friday damaged a ship in port, apartment buildings and an oil depot in the Russian Black Sea port of Novorossiysk, injuring three crew members of the vessel.
It said that the attack also triggered a fire at an oil depot in a transshipment complex, which was brought under control by emergency crews. However, Reuters report said it could not verify the account of the attacks and there was no immediate comment from Ukrainian officials.
Meanwhile, International Energy Agency’s (IEA) Oil Market Report for November said world oil supply is set to rise by 3.1 million barrels a day in 2025 and 2.5 million barrels a day in 2026 on average to reach 108.7 million barrels a day. Non-OPEC+ accounts for 1.7 million barrels a day and 1.2 million barrels a day of the growth, respectively, it said.
In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said demand growth is forecast to be more modest, with the IEA expecting it to increase by just 790,000 barrels per day in 2025 and a further 770,000 barrels per day in 2026.
In terms of oil inventories, the IEA estimates that global observed stocks surged by 77.7 million barrels in September, with a large increase in floating storage. Meanwhile, preliminary data shows that global stocks increased further in October, driven once again by floating storage, they said.
The weekly petroleum status report by the US EIA (Energy Information Administration) showed an increase in crude oil inventories for the week ending November 7. According to US EIA, US commercial crude oil inventories increased by 6.4 million barrels for the week ending November 7. Total motor gasoline inventories decreased by 0.9 million barrels, and distillate fuel inventories decreased by 0.6 million barrels last week.
Total products supplied in the US over the last four-week period averaged 20.6 million barrels a day, down by 0.9 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 2.6 per cent from the same as the last year period. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 2.3 per cent from the same period last year. Jet fuel product supplied was up 3.9 per cent compared with the same four-week period last year.
November natural gas futures were trading at ₹410.60 on MCX during the initial hour of trading on Friday against the previous close of ₹413.80, down by 0.77 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November guargum contracts were trading at ₹8,415 in the initial hour of trading on Friday against the previous close of ₹8,372, up by 0.51 per cent.
December dhaniya futures were trading at ₹8,620 on NCDEX in the initial hour of trading on Friday against the previous close of ₹8,592, up by 0.33 per cent.
Published on November 14, 2025