Markets are keenly waiting for the release of key reports on the oil market during the week. While the Monthly Oil Market Report by the OPEC+ is expected on November 12, the IEA is expected to release Oil Market Report on November 13.
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Crude oil futures traded lower on Wednesday morning amid uncertainty over Russian crude oil flows caused by sanctions.
At 9.57 am on Wednesday, January Brent oil futures were at $65.01, down by 0.23 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $60.87, down by 0.28 per cent. November crude oil futures were trading at ₹5402 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5403, down by 0.02 per cent, and December futures were trading at ₹5416 against the previous close of ₹5418, down by 0.04 per cent.
In their Commodities Feed for Wednesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said there’s still plenty of uncertainty over Russian crude oil flows due to sanctions. Ship tracking data indicate that flows have slowed in recent weeks, with the four-week average at its lowest level since mid-September. Additionally, data show a significant decline in volumes to China and India.
“Yet, there’s a significant share of Russian seaborne shipments for which the destination is currently unknown, and which could ultimately end up in India and/or China,” they said.
Oil prices rallied on Tuesday, with ICE Brent settling more than 1.4 per cent higher on the day, moving back above $65 a barrel. The recent strength in the oil market has been driven by refined products, with gasoline and gasoil cracks surging amid concerns about supply, they said.
Continued Ukrainian drone attacks on Russian refineries are a concern for the market, particularly middle distillates. Meanwhile, US sanctions on Lukoil and Rosneft, and what they mean for refining assets outside of Russia, is also a concern for broader product markets. While the outlook for oil is bearish, the strength in the refined products market is proving to be a significant obstacle, they said in the Commodities Feed.
Markets are keenly waiting for the release of key reports on the oil market during the week. While the Monthly Oil Market Report by the OPEC+ (Organization of Petroleum Exporting Countries and allies) is expected on November 12, the IEA (International Energy Agency) is expected to release Oil Market Report on November 13.
Apart from these reports, the weekly petroleum status report by the US EIA (Energy Information Administration) is expected on November 13.
November natural gas futures were trading at ₹404.10 on MCX during the initial hour of trading on Wednesday against the previous close of ₹400.90, up by 0.80 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December cottonseed oilcake contracts were trading at ₹2,930 in the initial hour of trading on Wednesday against the previous close of ₹2,918, up by 0.41 per cent.
December dhaniya futures were trading at ₹8,450 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹8,418, up by 0.38 per cent.
Published on November 12, 2025