Crude oil futures traded lower on Monday morning following reports of the resumption of operations at Russia’s Novorossiysk port. A drone attack on the port by Ukraine had forced its shutdown last week.
At 9.56 am on Monday, January Brent oil futures were at $63.87, down by 0.81 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $59.42, down by 0.88 per cent. November crude oil futures were trading at ₹5285 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5342, down by 1.07 per cent, and December futures were trading at ₹5293 against the previous close of ₹5347, down by 1.01 per cent.
Citing two unnamed sources and LSEG data, a Reuters report said that Novorossiysk port resumed oil loadings on Sunday. Missile and drone attacks by Ukraine on Novorossiysk and a Caspian Pipeline Consortium terminal on Friday had led to suspension of operations at the port.
In their Commodities Feed for Monday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said ICE Brent settled almost 1.2 per cent higher last week after a Friday rally following a Ukrainian attack on the Russian port of Novorossiysk. This led to a temporary suspension of oil exports from the port, which handles approximately 2.2 million barrels a day of oil, including Kazakhstan crude from the Caspian Pipeline Consortium (CPC) terminal. However, reports that port operations resumed saw oil prices coming under pressure early on Monday, they said.
While the oil market is expected to remain in a large surplus through 2026, it is also facing growing supply risks. The scale and intensity of Ukrainian drone attacks on Russian energy infrastructure are picking up. In addition to Friday’s attack on Novorossiysk, Ukraine claimed responsibility for a strike overnight on Rosneft’s 170,000 barrels a day Novokuibyshevsk refinery, they said.
Risks are also emerging elsewhere, with Iran seizing an oil tanker in the Gulf of Oman after it passed through the Strait of Hormuz. The Strait is a key choke point for the global oil market, with around 20 million barrels a day passing through it, they said.
Meanwhile, US President Donald Trump has threatened to impose sanctions on countries doing business with Russia. He said: “As you know, I suggested it, so any country that does business with Russia will be very severely sanctioned. They may add Iran to that.”
November natural gas futures were trading at ₹396.10 on MCX during the initial hour of trading on Monday against the previous close of ₹400.40, down by 1.07 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November jeera contracts were trading at ₹20375 in the initial hour of trading on Monday against the previous close of ₹20205, up by 0.84 per cent.
December cottonseed oilcake futures were trading at ₹2890 on NCDEX in the initial hour of trading on Monday against the previous close of ₹2922, down by 1.10 per cent.
Published on November 17, 2025