Crude oil futures traded lower on Friday morning after the International Energy Agency’s (IEA) Oil Market Report for February said the global oil market is likely to face a surplus in 2026.
At 9.57 am on Friday, April Brent oil futures were at $67.45, down by 0.10 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $62.74, down by 0.16 per cent. February crude oil futures were trading at ₹5,700 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,686, up by 0.25 per cent, and March futures were trading at ₹5,713 against the previous close of ₹5,701, up by 0.21 per cent.
According to IEA’s Oil Market Report, global oil supply is likely to exceed demand by 3.73 million barrels a day in 2026.
Global oil demand is forecast to rise by 850,000 barrels a day in 2026, up from 770,000 barrels a day last year. As in 2025, non‑OECD economies will account for the entire increase. The report said that China remains the largest contributor to growth, of around 200,000 barrels a day in both 2025 and 2026, albeit well below its average growth over the past decade.
Meanwhile, US President Donald Trump has said that the US could make a deal with Iran over the next month. This statement eased concerns that US could attack Iran over its nuclear programme.
February natural gas futures were trading at ₹290 on MCX during the initial hour of trading on Friday against the previous close of ₹294.20, down by 1.43 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹22865 in the initial hour of trading on Friday against the previous close of ₹22955, down by 0.39 per cent.
February guargum futures were trading at ₹10,025 on NCDEX in the initial hour of trading on Friday against the previous close of ₹9,982, up by 0.43 per cent.
Published on February 13, 2026
