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Crude oil and natural gas futures gained over 2 per cent on the Multi Commodity Exchange (MCX) on Friday morning as Brent and WTI crude oil futures ruled above $90 a barrel.
February crude oil futures were trading at ₹6,780 on MCX in the initial hour of Friday morning against the previous close of ₹6,641, up by 2.09 per cent. April Brent oil futures were at $91.50, up by 0.43 per cent; and March crude oil futures on WTI at $90.83, up by 0.62 per cent.
Reports said a massive winter storm across central and north-east US since Thursday has affected power supply and led to the closure of schools in some States. They said this has threatened the already fragile oil supplies. Geopolitical tensions between Russia and Ukraine and in the Middle-East have already been adding to the increase in the fuel prices since last few days.
On MCX, February natural gas futures were trading at ₹377.30 in the initial hour of Friday morning against the previous close of ₹369.30, up by 2.17 per cent. March natural gas contracts were at $5.043 on NYMEX, up by 2.41 per cent.
The cold weather in parts of the US has affected the supplies of natural gas. This has led to concerns about the output disruptions. Market reports noted that consistent cold weather in parts of the US during January could have led the decline in inventories. Added to this, the tension between Russia and Ukraine is adding to the supply concerns to Europe.
Dhaniya up, soybean down
On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya futures were trading at ₹10,174 in the initial hour of Friday morning against the previous close of ₹9,982, up by 1.92 per cent.
February soyabean contracts were trading at ₹6,402 on NCDEX in the initial hour of Friday morning against the previous close of ₹6,414, down by 0.19 per cent.
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