Crude oil price trades lower on improved West Asia supply
December Brent oil futures at $96.98, down by 1.07%
Crude oil futures experienced a decline on Thursday morning after reports emerged of enhanced oil supplies from the West Asia region. At 10:01 AM, Brent oil futures were trading at $96.98, marking a 1.07% decrease, while November crude oil futures on WTI were at $89.16, down by 1.39%. October crude oil futures on the Multi Commodity Exchange (MCX) were at ₹8580, a 1.76% drop from the previous close of ₹8734.
November futures were at ₹8429, down by 1.65% from the previous close of ₹8570. Market sources indicated that oil supplies from West Asia reached 16.328 million barrels per day in September, marking the highest level since the conflict began in February. Reports also highlighted that Saudi Arabia had restarted loading operations from the Red Sea port of Yanbu on Tuesday following the resumption of the East-West pipeline operations.
Some sources suggested that Iran had received a response from the US regarding its proposal to reopen the Strait of Hormuz. The latest petroleum status report revealed an increase in crude oil inventories in the US for the week ending September 25, with commercial crude oil inventories rising by 0.9 million barrels to 427.3 million barrels, which was 2% above the five-year average.
Gasoline inventories decreased by 1.7 million barrels, 7% below the five-year average, while distillate inventories fell by 2.3 million barrels, 14% below the five-year average. Over the past four weeks, total products supplied in the US averaged 20.8 million barrels per day, a 2.1% increase year-over-year. The four-week average for gasoline product supplied grew by 0.3% to 8.7 million barrels per day, while distillate product supplied increased by 5.2% to 3.8 million barrels per day.
The four-week average for jet fuel product supplied rose by 6.5% year-over-year. October natural gas futures on MCX were also down by 1.03% at ₹287.30 in the early trading session, while October turmeric contracts on NCDEX increased by 0.66% at ₹21380 from the previous close of ₹21240. October guargum futures on NCDEX decreased by 0.48% at ₹12755 from the previous close of ₹12816.
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