Crude oil futures traded higher on Thursday after official data from the US EIA (Energy Information Administration) showed a decline in US inventory levels.
At 9.56 am on Thursday, October Brent oil futures were at $67.13, up by 0.43 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $63.04, up by 0.53 per cent. September crude oil futures were trading at ₹5,499 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5,476, up by 0.42 per cent, and October futures were trading at ₹5,482 against the previous close of ₹5,462, up by 0.37 per cent.
According to the weekly petroleum status report by the US EIA, US commercial crude oil inventories decreased by 6 million barrels for the week ending August 15. At 420.7 million barrels, US crude oil inventories were about 6 per cent below the five-year average for this time of year.
Total motor gasoline inventories decreased by 2.7 million barrels from last week and were 1 per cent below the five-year average for this time of year. Distillate fuel inventories increased by 2.3 million barrels last week and were about 13 per cent below the five-year average for this time of year. Total commercial petroleum inventories decreased by 4.2 million barrels for the week ending August 15.
Total products supplied in the US over the last four-week period averaged 21.1 million barrels a day, up by 3.3 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9 million barrels a day, down by 1.2 per cent from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, up by 4.7 per cent from the same period last year. Jet fuel product supplied was up 7.4 per cent compared with the same four-week period last year.
US is one of the major consumers of crude oil in the global market.
Markets are eagerly waiting for the proposed meeting between the Presidents of Russia and Ukraine to end the conflicts between them. Market players feel that a positive outcome from this meeting would help ease sanctions on Russia. This would help boost crude oil supplies to the global market.
Meanwhile, Russia has said that attempts to resolve security issues relating to Ukraine without its participation are a road to nowhere.
Russian Foreign Minister Sergei Lavrov said: “We cannot agree with the fact that now it is proposed to resolve questions of security, collective security, without the Russian Federation. This will not work. I am sure that in the West and above all in the United States they understand perfectly well that seriously discussing security issues without the Russian Federation is a utopia, it’s a road to nowhere.”
September natural gas futures were trading at ₹249 on MCX during the initial hour of trading on Thursday against the previous close of ₹247.70, up by 0.52 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September cottonseed oilcake contracts were trading at ₹3,363 in the initial hour of trading on Thursday against the previous close of ₹3,354, up by 0.27 per cent.
September guarseed futures were trading at ₹5,277 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹5295, down by 0.34 per cent.
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Published on August 21, 2025