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On September 16, oil prices fell following an unexpected increase in U.S. crude inventories, while gold held steady after a two-day decline as investors awaited the Federal Reserve’s policy decision.
U.S. crude inventories rose unexpectedly, pushing oil prices lower as investors weighed supply risks after Saudi Arabia suspended oil loadings at its Yanbu port following an attack on its East-West pipeline to the Red Sea.
Market strategist Ryan Detrick said the U.S. Strategic Petroleum Reserve has dropped to 286 million barrels from 415 million at the start of March, its lowest since the early 1980s. He said the drawdown leaves less cushion if the conflict continues.
The EIA now expects Brent crude to average about $91 a barrel in 2026 and WTI $84.65, both higher than its prior forecast. The agency said global oil stocks have fallen by an estimated 400 million barrels this year and cited reduced Middle East production and exports.
West Texas Intermediate, as tracked by United States Oil Fund, was at $83.12 Wednesday, down over 4% for the week, while Brent crude traded near $88.04, down 0.6% on the day.
Diesel refining margins surged to about $100/bbl on Tuesday after reaching $102/bbl on Monday, according to Bloomberg, as the Iran war tightens global fuel supplies.
U.S. stock futures are mixed ahead of Friday’s retail sales, inventories and consumer-sentiment data, while traders also weigh escalating Middle East tensions and higher oil prices.
US stocks trade mostly higher, with the Dow Jones index gaining 0.1% and gold rising 1.1% to $4,488.30
Iran is not discussing a ceasefire extension with the US, according to a senior Iranian source
WTI Crude Oil futures rise amid falling inventories and geopolitical tensions
() -- (Updated prices in the second paragraph) West Texas Intermediate (WTI) crude oil edged higher on Thursday, even as supply concerns continue to ease with tankers stranded in the Persian Gulf since the start of the Iran war resuming transit through the Strait of Hormuz. WTI crude oil for August delivery closed up 0
Crude oil prices fall 4% to $69.05, while US consumer sentiment rises to 49.5 in June