Crude oil futures experienced an uptick on Thursday morning following a decline in US petroleum product inventories for the week ending October 31.
As of 9:57 AM on Thursday, January Brent oil futures were priced at $63.71, reflecting a 0.30 percent increase, while December West Texas Intermediate (WTI) crude oil futures traded at $59.81, up by 0.35 percent. On the Multi Commodity Exchange (MCX), November crude oil futures were at ₹5,312, rising 0.13 percent from the previous close of ₹5,305, and December futures traded at ₹5,318, also up by 0.13 percent from ₹5,311.
The US Energy Information Administration (EIA) reported a decrease of 4.7 million barrels in total motor gasoline inventories compared to the week prior, marking a level approximately 5 percent below the five-year average for this time of year. Finished gasoline and blending components inventories also saw a decline. Furthermore, distillate fuel inventories fell by 0.6 million barrels, situated about 9 percent below the five-year average.
In contrast, US commercial crude oil inventories increased by 5.2 million barrels for the week ending October 31. Current US crude oil inventories stand at 421.2 million barrels, about 4 percent below the five-year average.
Over the past four weeks, the total products supplied in the US averaged 20.3 million barrels daily, representing a 1.2 percent decrease from the same period in the previous year. Motor gasoline product supply averaged 8.7 million barrels per day, down 2.1 percent from the same timeframe last year. Distillate fuel product supply averaged 3.8 million barrels daily, falling by 1.7 percent year-on-year, while jet fuel supply saw an increase of 6.2 percent compared to the same four-week period last year.
In their report, Commodities Feed, Warren Patterson, Head of Commodities Strategy at ING Think, and Ewa Manthey, Commodities Strategist, highlighted that reports of Ukraine’s attack on Lukoil’s Norsi refinery in Russia have bolstered the refined products market, particularly for middle distillates. The Norsi refinery has a capacity of approximately 340,000 barrels per day.
The combination of new sanctions and ongoing Ukrainian drone attacks on Russian refinery infrastructure is providing upward pressure on the middle distillate market, the analysts indicated.
Meanwhile, November natural gas futures on MCX were trading at ₹379.70, an increase of 0.66 percent from the previous close of ₹377.20. Additionally, on the National Commodities and Derivatives Exchange (NCDEX), December turmeric (farmer polished) contracts traded at ₹14,680, up by 0.41 percent from the prior closing price of ₹14,620. In contrast, November jeera futures were priced at ₹20,110, showing a decline of 0.37 percent from the previous close of ₹20,185.
Published on November 6, 2025
