As of September 26, WTI crude oil prices decreased by $0.03 to $XX.XX per barrel, while RBOB gasoline prices rose by $0.0219 to $XX.XX per gallon. Crude prices dropped despite an early gain, attributed to higher-than-expected crude volumes exiting the Persian Gulf amidst US-Iran hostilities, with 9 million barrels per day transiting the Strait of Hormuz in the prior week, surpassing the 4 million bpd expectation.
The International Energy Agency reports a worsening global oil supply deficit, anticipating a sharp decline in oil inventories during Q3, driven by the ongoing US-Iran conflict. Furthermore, OPEC has reinstated all 1.65 million bpd supply cuts made earlier this year, as their July production increased to 19.44 million bpd, highlighting significant geopolitical impacts on crude supply.
Recent data from the EIA indicated US crude inventories rose by 17.4 million barrels, marking the largest increase in over three years, primarily due to reduced US crude oil exports. Meanwhile, active US oil rigs increased to 455, the highest in 1.25 years.
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