Crude oil futures rose on Friday morning following reports of a Ukrainian drone attack targeting Russian oil infrastructure.
As of 9:59 AM, January Brent oil futures reached $63.91, marking an increase of 1.43 percent, while December crude oil futures for West Texas Intermediate (WTI) rose by 1.55 percent to $59.60. On the Multi Commodity Exchange (MCX), November crude oil futures were trading at ₹5,292 during the early trading session, a rise of 1.22 percent from the previous close of ₹5,228, and December futures were priced at ₹5,300 compared to ₹5,244, up by 1.07 percent.
According to a report from Reuters, citing Russian officials, a Ukrainian drone attack early Friday caused damage to a ship in the port of Novorossiysk, among other infractions, and resulted in injuries to three crew members. The attack reportedly also ignited a fire at an oil depot within a transshipment complex, which emergency crews managed to control. However, the report indicated that the account could not be verified, and there was no immediate response from Ukrainian officials.
In related developments, the International Energy Agency (IEA) released its Oil Market Report for November, forecasting a world oil supply increase of 3.1 million barrels per day in 2025 and 2.5 million barrels per day in 2026, projecting an average supply of 108.7 million barrels daily. Non-OPEC+ contributors are expected to account for 1.7 million barrels and 1.2 million barrels of this growth, respectively.
Warren Patterson, Head of Commodities Strategy for ING Think, and Ewa Manthey, Commodities Strategist, noted in their Friday Commodities Feed that demand growth is anticipated to be more modest, with the IEA estimating an increase of only 790,000 barrels per day in 2025 and a further 770,000 barrels per day in 2026.
On the subject of oil inventories, the IEA reported a substantial rise in global observed stocks, which surged by 77.7 million barrels in September due to a significant increase in floating storage. Preliminary data indicated that global stocks rose further in October, driven by the same factors.
The U.S. Energy Information Administration (EIA) released its weekly petroleum status report indicating that crude oil inventories increased by 6.4 million barrels for the week ending November 7. According to the EIA, U.S. commercial crude oil inventories rose while total motor gasoline inventories fell by 0.9 million barrels. Distillate fuel inventories decreased by 0.6 million barrels during the same period.
Over the last four weeks, total products supplied in the U.S. averaged 20.6 million barrels a day, representing a decline of 0.9 percent compared to the same period last year. Within that timeframe, motor gasoline supplied averaged 8.8 million barrels per day, down 2.6 percent from the previous year, whereas distillate fuel supplied averaged 3.8 million barrels per day, a decrease of 2.3 percent. In contrast, jet fuel product supplied saw an increase of 3.9 percent year-on-year.
Furthermore, November natural gas futures traded at ₹410.60 on MCX during the initial trading hour, down by 0.77 percent from the previous close of ₹413.80.
On the National Commodities and Derivatives Exchange (NCDEX), November guargum contracts were trading at ₹8,415 in early trading, up by 0.51 percent from the previous close of ₹8,372. Meanwhile, December dhaniya futures were priced at ₹8,620 on NCDEX, an increase of 0.33 percent compared to the previous close of ₹8,592.
Published on November 14, 2025.
