futures traded lower on Thursday morning after official data showed an increase in US inventories for the week ending September 5.
At 9.54 am on Thursday, November Brent oil futures were at $67.36, down by 0.19 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $63.55, down by 0.19 per cent. September crude oil futures were trading at ₹5,607 on during the initial hour of trading on Thursday against the previous close of ₹5,622, down by 0.27 per cent, and October futures were trading at ₹5,598 against the previous close of ₹5,611, down by 0.23 per cent.
According to the US EIA (Energy Information Administration), US commercial crude oil inventories increased by 3.9 million barrels for the week ending September 5. At 424.6 million barrels, US crude oil inventories were about 3 per cent below the five-year average for this time of year.
Total motor gasoline inventories increased by 1.5 million barrels from last week and were at the five-year average for this time of year. Both finished gasoline inventories and blending components inventories increased last week.
Distillate fuel inventories increased by 4.7 million barrels last week and were about 9 per cent below the five-year average for this time of year. Total commercial petroleum inventories increased by 15.4 million barrels last week.
Total products supplied in the US over the last four-week period averaged 20.9 million barrels a day, up by 2 per cent from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 0.6 per cent from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up by 2 per cent from the same period last year. Jet fuel product supplied was up 4.9 per cent compared with the same four-week period last year.
Fears of supply disruptions due to geopolitical tensions also impacted the price of the commodity. Russian drones were shot down by Poland after entering its airspace during a Russian attack in Western Ukraine. Though this incident raised concerns about a potential escalation of conflict in the region, Russia said the incursion was not intentional, and expressed willingness to discuss the matter with Poland.
September nickel futures were trading at ₹1,312.20 on MCX during the initial hour of trading on Thursday against the previous close of ₹1,331.50, down by 1.45 per cent.
On the , September guargum contracts were trading at ₹9,231 in the initial hour of trading on Thursday against the previous close of ₹9,149, up by 0.90 per cent.
September jeera futures were trading at ₹19,095 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹19,220, down by 0.65 per cent.