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Crude oil and natural gas futures gained on the Multi Commodity Exchange (MCX) on Thursday morning on a huge drop in US inventories.
March crude oil futures were trading at ₹6,664 against the previous close of ₹6,616, up by 0.73 per cent, while February crude oil futures were trading at ₹6,722 during the initial hour of Thursday morning against the previous close of ₹6,675, up by 0.70 per cent; and the April Brent oil futures were at $91.58, down by 0.03 per cent; and March crude oil futures on WTI at $89.75, down by 0.1 per cent.
The weekly petroleum status report released by the US Energy Information Administration (EIA) showed that the US commercial crude oil inventories (excluding those in the strategic petroleum reserve) decreased by 4.8 million barrels for the week ending February 4 from the previous week.
At 410.4 million barrels, the US crude oil inventories are about 11 per cent below the five-year average for this time of year, it said. US crude oil refinery inputs averaged 15.6 million barrels per day during the week ending February 4, which was 3,28,000 barrels per day more than the previous week’s average, it said. Market analysts said the decline in the crude oil inventories indicate that supply remains tight in the market.
Reports said the investors in the sector are waiting for the outcome of the discussions between the US and Iran on nuclear deal. The reports noted that a deal would help lift the US sanctions on Iran, boosting the crude oil supply to the global markets.
February natural gas futures were trading at ₹303.60 on MCX in the initial hour of Thursday morning as against the previous close of ₹301.70, up by 0.63 per cent; and the March natural gas contracts were trading at ₹302.50 against the previous close of ₹301.10, up by 0.46 per cent.
On MCX, February cotton contracts were trading at ₹37,740 in the initial hour of Thursday morning against the previous close of ₹37,870, down by 0.34 per cent.
Guar gum up
On the National Commodities and Derivatives Exchange (NCDEX), February guar gum contracts were trading at ₹11,576 in the initial hour of Thursday morning against the previous close of ₹11,426, up by 1.31 per cent.
April dhaniya futures were trading at ₹10,858 on NCDEX in the initial hour of Thursday morning against the previous close of ₹10,724, up by 1.25 per cent.
March steel long contracts were trading at ₹48,500 on NCDEX in the initial hour of Thursday morning against the previous close of ₹48,990, down by 1 per cent.
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