WTI Crude Oil futures ease as diesel hits record high.
October WTI Crude Oil futures cooled off ahead of the latest FOMC decision, pausing a sharp rally driven by Saudi pipeline shutdowns and a supply halt in Libya. The geopolitical disruptions have led to delayed deliveries for European customers, forcing a pivot to alternative barrels. Meanwhile, diesel remains a dominant upside mover across the energy complex, with futures settling at record highs amid tight global supplies and strikes on Russian refineries. On the data front, the EIA reported a modest crude oil draw of 600,000 barrels, placing total stocks slightly above the five-year average at 423.4 million barrels. Refinery utilization eased slightly, while gasoline inventories saw a build of 800,000 barrels against a backdrop of strong demand. In the Natural Gas futures market, the November contract traded flat as production dropped across major U.S. basins.
October WTI Crude Oil futures cooled off ahead of the latest FOMC decision, pausing a sharp rally driven by Saudi pipeline shutdowns and a supply halt in Libya. The geopolitical disruptions have led to delayed deliveries for European customers, forcing a pivot to alternative barrels. Meanwhile, diesel remains a dominant upside mover across the energy complex, with futures settling at record highs amid tight global supplies and strikes on Russian refineries. 4 million barrels.
Refinery utilization eased slightly, while gasoline inventories saw a build of 800,000 barrels against a backdrop of strong demand. S. basins.