Crude oil futures saw an uptick on Thursday morning after the US made the decision to revoke Chevron Corporation’s license to operate in Venezuela.
As of 9:54 am on Thursday, May Brent oil futures were trading at $72.28, up by 0.29%, while April crude oil futures on WTI stood at $68.74, up by 0.17%. On the Multi Commodity Exchange (MCX), March crude oil futures were trading at ₹6022, a 0.37% increase from the previous close, and April futures were at ₹6028, up by 0.40%.
President Donald Trump announced the revocation of Chevron’s license in Venezuela, which was granted by the previous administration. This move has impacted the market, leading to a rise in differentials for medium sour crude grades.
Additionally, the US Energy Information Administration released its weekly petroleum status report, showing a decline in US crude oil inventories for the week ending February 21. Commercial crude oil inventories decreased by 2.3 million barrels, bringing levels to about 4% below the five-year average.
Meanwhile, natural gas futures and other commodities also experienced fluctuations in trading on Thursday. March natural gas futures on MCX were down by 0.54%, while cottonseed oilcake and guargum futures on NCDEX registered declines of 0.45% and 0.41%, respectively.
Overall, the market dynamics continue to be influenced by geopolitical events, inventory data, and global economic factors.
Published on February 27, 2025.