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Crude oil futures gained on the Multi Commodity Exchange after opening lower on Wednesday morning as the latest data showed a drop in US inventories. However, natural gas futures were down by about one per cent across contracts.
March crude oil futures were up at ₹6,626 on MCX an hour after trading began against the previous close of ₹6618, up by 0.12 per cent.
April Brent oil futures were at $91.11, up by 0.36 per cent; and March crude oil futures on WTI at $89.69, up by 0.37 per cent.
Reports said the latest figures released by American Petroleum Institute showed a drop in the crude oil inventories in the US last week. This boosted the global market sentiments.
Meanwhile, there were also indications that a possible nuclear deal between the US and Iran could help supply more crude oil in the global market. Reports said this could help bring down the prices in the global market.
Another development that helped in cooling the market sentiments was the statement of French President Emmanuel Macron over the tension between Russia and Ukraine. Macron asked all the concerned to stay calm as he believes that steps can be initiated to bring down the crisis in the region. He said this after a meeting with the Vladimir Putin, President of Russia.
March natural gas futures were trading at ₹316.20 on MCX in the initial hour of Wednesday morning against the previous close of ₹319, down by 0.88 per cent.
Reports attributed this to the weaker demand for natural gas for heating in Europe and the UK, as the weather forecasts are expecting warmer temperatures in many parts of these regions. The steady export of LNG from the US to the global markets, including Asia, has allayed concerns over the supply of natural gas in the global markets.
On MCX, February nickel futures were trading at ₹1742.10 in the initial hour of Wednesday morning against the previous close of ₹1729.30, up by 0.74 per cent.
Guar gum gains
On the National Commodities and Derivatives Exchange (NCDEX), February guar gum contracts were trading at ₹11,548 in the initial hour of Wednesday morning as against the previous close of ₹11430, up by 1.03 per cent.
March steel long futures were trading at ₹48,500 on NCDEX in the initial hour of Wednesday morning against the previous close of ₹50,260, down by 3.50 per cent.
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