MCX Crude surges +3.49% on sustained supply stabilisation

WHAT HAPPENED MCX Crude rallied to 7683 INR/bbl at 19:23 IST, posting a +3.49% gain from the previous close. The advance extends the recovery trajectory established from the 7134 INR/bbl trough logged at 22:29 IST yesterday, as supply-side stabilisation sentiment strengthens. Natural gas gained +4.38% to 266.8 INR/mmBtu, signalling broad energy complex strength. USD/INR held steady at 95.29 INR, offering no headwind to INR-denominated crude valuations.

WHAT IT MEANS Crude has now recovered 7.7% from its 7134 nadir, breaking decisively above the 7567 and 7424 levels established earlier today. For MCX futures traders, this signals momentum sustainability in the uptrend, with supply sentiment driving the advance rather than rupee weakness. The broader energy complex—natural gas outperforming at +4.38%—confirms the driver is commodity-specific, not macro-driven.

WHAT TO WATCH The 7700 round number is now critical resistance. A close above it would validate the uptrend; rejection would test the 7567 and 7424 support levels established intraday.