Crude oil futures traded higher on Wednesday morning as a severe winter storm in the US disrupted crude oil production and exports from the US Gulf Coast.
At 9.58 am on Wednesday, April Brent oil futures were at $66.91, up by 0.48 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $62.76, up by 0.59 per cent. February crude oil futures were trading at ₹5770 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5705, up by 1.14 per cent, and March futures were trading at ₹5770 against the previous close of ₹5712, up by 1.02 per cent.
A Reuters report said that the US producers lost up to 2 million barrels a day or roughly 15 per cent of national output over the weekend, as the storm strained energy infrastructure and power grids.
Citing the ship tracking service Vortexa, the report said crude and liquefied natural gas exports from US Gulf Coast ports tumbled to zero on Sunday before rebounding on Monday.
Meanwhile, the industry data showed a decline in crude oil inventories in the US for the week ending January 23. According to the industry body American Petroleum Institute (API), US crude oil inventories declined by 0.25 million barrels for the week ending January 23. However, the official data from the US EIA (Energy Information Administration), which is scheduled to be released later on Wednesday, will give a clear picture on US inventory levels.
In a latest social media post, US President Donald Trump has threatened to withdraw help to Iraq if Nouri al-Maliki becomes its Prime Minister.
On the social media platform Truth Social, Trump said: “I’m hearing that the Great Country of Iraq might make a very bad choice by reinstalling Nouri al-Maliki as Prime Minister. Last time Maliki was in power, the Country descended into poverty and total chaos. That should not be allowed to happen again. Because of his insane policies and ideologies, if elected, the United States of America will no longer help Iraq and, if we are not there to help, Iraq has ZERO chance of Success, Prosperity, or Freedom.”
Iraq is one of the members of OPEC (Organization of the Petroleum Exporting Countries).
February natural gas futures were trading at ₹346.20 on MCX during the initial hour of trading on Wednesday against the previous close of ₹352.90, down by 1.90 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya contracts were trading at ₹11,198 in the initial hour of trading on Wednesday against the previous close of ₹11,128, up by 0.63 per cent.
February guargum futures were trading at ₹10,440 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹10,524, down by 0.80 per cent.
Published on January 28, 2026
