Crude oil futures experienced a decline on Wednesday morning amid ongoing uncertainty regarding Russian crude oil exports due to sanctions. As of 9:57 AM, January Brent oil futures were priced at $65.01, reflecting a decrease of 0.23%, while December West Texas Intermediate (WTI) futures were at $60.87, down 0.28%. Additionally, November crude oil futures traded at ₹5402 on the Multi Commodity Exchange (MCX), a slight decline from ₹5403, marking a 0.02% decrease; December futures were quoted at ₹5416 compared to the previous close of ₹5418, down 0.04%.
In their Wednesday Commodities Feed, ING’s Head of Commodities Strategy, Warren Patterson, along with Commodities Strategist Ewa Manthey, highlighted the prevailing uncertainty around Russian crude oil exports. They noted that ship tracking data shows a reduction in flows, with the four-week average reaching its lowest since mid-September and a marked decline in shipments to China and India. However, they emphasized that a significant portion of Russian seaborne shipments remains unaccounted for, with potential destinations including India and China.
Oil prices rose on Tuesday, with ICE Brent closing over 1.4% higher, surpassing $65 per barrel. This recent uptick in the oil market has been attributed to escalating concerns regarding refined products, as evidenced by surging gasoline and gasoil cracks. The report noted that ongoing Ukrainian drone attacks on Russian refineries raised concerns about the supply of middle distillates. Furthermore, U.S. sanctions against Lukoil and Rosneft have implications for refining operations outside Russia, adding to the complexity of the market. While the overall outlook for oil appears bearish, the robustness in the refined products market presents a notable challenge.
Market participants are closely monitoring upcoming reports that are expected to shed light on the oil market. The Monthly Oil Market Report from OPEC+ is anticipated on November 12, followed by the IEA’s Oil Market Report on November 13. Additionally, the U.S. Energy Information Administration (EIA) is set to release its weekly petroleum status report on the same day.
In related commodities, November natural gas futures were trading at ₹404.10 on MCX, up 0.80% from the previous close of ₹400.90. On the National Commodities and Derivatives Exchange (NCDEX), December cottonseed oilcake contracts were priced at ₹2,930, rising by 0.41% from ₹2,918. Furthermore, December dhaniya futures traded at ₹8,450, reflecting a 0.38% increase from the prior close of ₹8,418.
Published on November 12, 2025.
