Crude oil futures traded lower on Thursday morning following an increase in US inventory levels for the week ending November 21.
At 9.56 am on Thursday, February Brent oil futures were at $62.17, down by 0.59 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $58.33, down by 0.55 per cent. December crude oil futures were trading at ₹5217 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5193, up by 0.46 per cent, and January futures were trading at ₹5216 against the previous close of ₹5194, up by 0.42 per cent.
According to the US EIA (Energy Information Administration), US commercial crude oil inventories increased by 2.8 million barrels for the week ending November 21. Total motor gasoline inventories increased by 2.5 million barrels from last week, and distillate fuel inventories increased by 1.1 million barrels last week.
Total products supplied in the US over the last four-week period averaged 20.4 million barrels a day, down by 0.1 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 0.1 per cent from the same as the last year period. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 0.2 per cent from the same period last year. Jet fuel product supplied was down 4.7 per cent compared with the same four-week period last year.
In their Commodities Feed for Thursday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the oil market is stuck between the potential for progress in Russia-Ukraine peace talks and what that would mean for oil supply amid a broader risk-on trade as expectations grow for a December interest rate cut by the US Federal Reserve. A peace deal would likely remove much of the supply risk facing the market, potentially leading to the lifting of US sanctions on Russia. For Thursday, though, market action is likely to be relatively muted due to the US Thanksgiving holiday, they said.
“OPEC+ is set to meet this weekend. We believe the group will leave production unchanged. The fundamental outlook remains fairly similar to where it was at the group’s last meeting. Admittedly, though, there’s more uncertainty over Russian oil supply. Earlier this month, the group paused any further supply increases over the first quarter of 2026,” they said.
December natural gas futures were trading at ₹412.40 on MCX during the initial hour of trading on Thursday against the previous close of ₹408.30, up by 1 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December dhaniya contracts were trading at ₹9900 in the initial hour of trading on Thursday against the previous close of ₹9742, up by 1.62 per cent.
December turmeric (farmer polished) futures were trading at ₹14000 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹14090, down by 0.64 per cent.
Published on November 27, 2025