BL Mangaluru Bureau | BusinessLine | Thursday, October 22, 2026 | 10:10 AM UTC
According to EIA, commercial crude oil inventories in the US decreased 3.1 million barrels to 412.5 million barrels, 3 per cent below the five-year average | Photo Credit: KYODO
Crude oil futures traded higher on Thursday morning after the Houthis intensified their attacks on Saudi Arabia.
At 10.02 am on Thursday, December Brent oil futures were at $110.83, up by 1.85 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $98.63 up by 1.52 per cent. November crude oil futures were trading at ₹9340 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹9208, up by 1.43 per cent, and December futures were trading at ₹9203 against the previous close of ₹9067, up by 1.50 per cent.
In their Commodities Feed for Thursday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices remain well bid, with ICE Brent back above $110 a barrel on Thursday morning following additional deadly attacks on Saudi Arabia.
Drones struck the Shaybah oilfield and Dammam’s international airport. An oil processing plant was the target of the attack. Saudi Arabia’s energy ministry said production hasn’t been impacted.
The escalation prompted the US State Department to order non-emergency US government personnel to leave the country. This will concern markets, suggesting little improvement in West Asian tensions, and possibly further escalation, they said.
Meanwhile, petroleum status report by the US EIA (Energy Information Administration) showed a decline in crude oil inventories in the US for the week ending October 16.
According to EIA, commercial crude oil inventories in the US decreased 3.1 million barrels to 412.5 million barrels, 3 per cent below the five-year average.
Gasoline inventories decreased 3 million barrels, 5 per cent below the five-year average. Distillate inventories increased 1.7 million barrels, 9 per cent below the five-year average.
Over the past four weeks, total products supplied in the US averaged 21.1 million barrels a day, up 3.2 per cent year over year.
The four-week average for gasoline product supplied increased 1.5 per cent year over year to 8.7 million barrels a day, while the four-week average for distillate product supplied decreased 2.4 per cent to 3.9 million barrels a day. The four-week average for jet fuel product supplied increased 1.4 per cent year over year.
October copper futures were trading at ₹1367.50 on MCX during the initial hour of trading on Thursday against the previous close of ₹1390.40, down by 1.65 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December turmeric (farmer polished) contracts were trading at ₹26050 in the initial hour of trading on Thursday against the previous close of ₹25550, up by 1.96 per cent.
November guargum futures were trading at ₹15580 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹15461, up by 0.77 per cent.
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