Crude oil futures traded higher on Thursday morning after US petroleum product inventories declined for the week ending October 31.
At 9.57 am on Thursday, January Brent oil futures were at $63.71, up by 0.30 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $59.81, up by 0.35 per cent. November crude oil futures were trading at ₹5,312 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5,305, up by 0.13 per cent, and December futures were trading at ₹5318 against the previous close of ₹5311, up by 0.13 per cent.
According to the US EIA (Energy Information Administration), total motor gasoline inventories decreased by 4.7 million barrels from last week and were about 5 per cent below the five-year average for this time of year.
Both finished gasoline and blending components inventories decreased last week. Distillate fuel inventories decreased by 0.6 million barrels last week and were about 9 per cent below the five-year average for this time of year.
However, US commercial crude oil inventories increased by 5.2 million barrels for the week ending October 31. At 421.2 million barrels, US crude oil inventories were about 4 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 20.3 million barrels a day, down by 1.2 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 2.1 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 1.7 per cent from the same period last year. Jet fuel product supplied was up 6.2 per cent compared with the same four-week period last year.
In their Commodities Feed, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said reports of Ukraine’s attack on Lukoil’s Norsi refinery in Russia offered further support to the refined products market, particularly middle distillates. Norsi has a capacity of around 340,000 barrels a day.
The combination of both recent sanctions and continued Ukrainian drone attacks on Russian refinery infrastructure is providing upside to the middle distillate market, they said.
November natural gas futures were trading at ₹379.70 on MCX during the initial hour of trading on Thursday against the previous close of ₹377.20, up by 0.66 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December turmeric (farmer polished) contracts were trading at ₹14,680 in the initial hour of trading on Thursday against the previous close of ₹14,620, up by 0.41 per cent.
November jeera futures were trading at ₹20,110 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹20,185, down by 0.37 per cent.
Published on November 6, 2025