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Crude oil futures traded lower on Tuesday morning as the market players anticipate a comfortable supply in 2025.
At 9.56 am on Tuesday, March Brent oil futures were at $76.25, down by 0.07 per cent, and February crude oil futures on WTI (West Texas Intermediate) were at $73.43, down by 0.18 per cent.
January crude oil futures were trading at ₹6302 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹6308, down by 0.10 per cent, and February futures were trading at ₹6282 against the previous close of ₹6287, down by 0.08 per cent.
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In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the recent increase in crude oil prices appears to be running out of momentum. “While there has been some tightening in the physical market, fundamentals through 2025 are still set to be comfortable, which should cap the upside. We still see oil prices trending lower through the year,” they said.
Meanwhile, Saudi Arabia raised the crude oil price for Asian buyers for February loadings. The increases ranged between $0.40 a barrel and $0.60 a barrel.
Citing a Bloomberg survey, ING Think’s Commodities Feed said crude oil production fell by 120,000 barrels a day month-on-month to total 27.05 million barrels a day in December. Declines were driven by the UAE, Kuwait and Iran, where the former saw production falling by 100,000 barrels a day, while the latter two saw output decline by 40,000 barrels a day. Meanwhile, Iraqi oil production is estimated at 4.12 million barrels a day, still above its production target of 4 million barrels a day.
January natural gas futures were trading at ₹319.10 on MCX during the initial hour of trading on Tuesday against the previous close of ₹310.60, up by 2.74 per cent.
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On the National Commodities and Derivatives Exchange (NCDEX), January guargum contracts were trading at ₹10250 in the initial hour of trading on Tuesday against the previous close of ₹10205, up by 0.44 per cent.
January cottonseed oilcake futures were trading at ₹2760 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹2766, down by 0.22 per cent.
