Crude oil futures traded higher on Thursday morning after official data showed a decline in US crude oil inventories for the week ending July 11.
At 9.58 am on Thursday, September Brent oil futures were at $68.75, up by 0.34 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $66.73, up by 0.53 per cent. July crude oil futures were trading at ₹5,726 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5,713, up by 0.23 per cent, and August futures were trading at ₹5,641 against the previous close of ₹5,634, up by 0.12 per cent.
According to the US EIA (Energy Information Administration), US commercial crude oil inventories decreased by 3.9 million barrels for the week ending July 11. At 422.2 million barrels, US crude oil inventories were about 8 per cent below the five-year average for this time of year.
However, there was an increase in the product inventory levels in the US. Total motor gasoline inventories increased by 3.4 million barrels from last week and were slightly above the five-year average for this time of year. Finished gasoline inventories decreased and blending components inventories increased last week.
Distillate fuel inventories increased by 4.2 million barrels last week and were about 21 per cent below the five-year average for this time of year.
Total commercial petroleum inventories increased by 9.3 million barrels for the week ending July 11.
Total products in the US supplied over the last four-week period averaged 20.3 million barrels a day, down by 1.1 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9 million barrels a day, down by 1.6 per cent from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, up by 4.4 per cent from the same period last year. Jet fuel product supplied was up 3 per cent compared with the same four-week period last year.
US is one of the major consumers of crude oil in the world market.
Matters related to US trade tariffs also supported the price of the commodity. US President Donald Trump indicated that a trade deal with India is very close. He also hoped that trade deal could also be possibly reached with Europe. Reports said that Trump lifted ban on the sale of AI chips to China.
July natural gas futures were trading at ₹305.60 on MCX during the initial hour of trading on Thursday against the previous close of ₹302.40, up by 1.06 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August guargum contracts were trading at ₹9,950 in the initial hour of trading on Thursday against the previous close of ₹10,006, down by 0.56 per cent.
August turmeric (farmer polished) futures were trading at ₹13,100 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹13,324, down by 1.68 per cent.
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Published on July 17, 2025