Crude oil futures traded lower on Tuesday morning despite a winter storm affecting crude oil production and refinery operations on the US Gulf Coast.
At 9.58 am on Tuesday, April Brent oil futures were at $64.33, down by 0.68 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $60.25, down by 0.63 per cent. February crude oil futures were trading at ₹5,551 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5630, down by 1.40 per cent, and March futures were trading at ₹5563 against the previous close of ₹5,630, down by 1.19 per cent.
Quoting analysts and traders, a Reuters report said that oil producers in the US lost up to 2 million barrels a day or roughly 15 per cent of national production over the weekend, as a winter storm swept across the country, straining energy infrastructure and power grids.
In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the US winter storm should also support demand for heating fuels, as reflected in the heating oil crack. Freezing conditions will disrupt US oil output. The weather has also affected refinery operations. So, refinery run rates have fallen in recent days.
They said that there are also signs that the ‘honeymoon phase’ between the US and the new Venezuelan leader may be coming to an end, with President Delcy Rodriguez saying Venezuela has had enough of US interference. While these comments may be more for internal consumption, they are certainly worth keeping an eye on, as they could alter the outlook for Venezuelan oil supply.
ING Think’s Commodities Feed said that Kazakhstan’s oil output is set to recover, with Tengizchevroil restoring power to its Tengiz field. Operations at the Tengiz and Korolev fields, which produced around 890,000 barrels a day over the first three quarters of 2025, were halted last week due to power issues.
Meanwhile, the completion of repair work at the CPC terminal should also support a recovery in export flows, they said in the Commodities Feed.
February natural gas futures were trading at ₹346.20 on MCX during the initial hour of trading on Tuesday against the previous close of ₹328.80, up by 5.29 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), February cottonseed oilcake contracts were trading at ₹3,473 in the initial hour of trading on Tuesday against the previous close of ₹3,426, up by 1.37 per cent.
April turmeric (farmer polished) futures were trading at ₹17,400 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹17,562, down by 0.92 per cent.
Published on January 27, 2026
