Brent crude oil futures traded higher on Tuesday morning amid a temporary halt of operations in Kazakhstan’s oil fields.
At 9.58 am on Tuesday, March Brent oil futures were at $64.11, up by 0.27 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $59.42, down by 0.02 per cent. February crude oil futures were trading at ₹5,431 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5,422, up by 0.17 per cent, and March futures were trading at ₹5,451 against the previous close of ₹5,440, up by 0.20 per cent.
In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said Tengizchevroil temporarily stopped production at its Tengiz and Korolev fields in Kazakhstan, after two fires broke out at power generators. The producer pumped around 890,000 barrels a day over the first three quarters of 2025. Kazakhstan has faced several supply disruptions in recent months, including exports from the CPC terminal in Russia, which were impacted by drone strikes.
They said that ICE Brent edged lower on Monday, settling 0.3 per cent lower on the day. It held up relatively well amid the broader risk-off move in markets. This follows the re-emergence of trade tensions between the US and Europe over US President Donald Trump’s Greenland demands.
“A weaker US dollar provided some support to oil and the broader commodities complex. Continued firmness in ICE Brent timespreads will also help buoy the market, as it suggests a tighter spot physical market,” they said.
Market players are now waiting for the release of International Energy Agency’s (IEA) monthly report on Wednesday. This will give an insight into the global supply and demand scenario of crude oil.
February natural gas futures were trading at ₹268.40 on MCX during the initial hour of trading on Tuesday against the previous close of ₹273.20, down by 1.76 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), February castorseed contracts were trading at ₹6,467 in the initial hour of trading on Tuesday against the previous close of ₹6,446, up by 0.33 per cent.
April dhaniya futures were trading at ₹11,740 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹11,752, down by 0.10 per cent.
Published on January 20, 2026