**Oil Market Update – October 14, 2023**
WTI crude oil for October is down 0.14% at $87.43, while October RBOB gasoline has risen 1.79% to $3.07. Gasoline prices have reached a 3.5-week high amidst geopolitical tensions. Iranian President Masoud Pezeshkian’s recent comments advocating for a dignified end to hostilities have contributed to the downward pressure on crude prices, despite ongoing U.S. sanctions threatening Iran’s economy.
As of last week, approximately 9 million barrels per day (bpd) were reported to have crossed the Strait of Hormuz, significantly higher than the anticipated 4 million bpd. In contrast, OPEC has noted a production increase of 1.16 million bpd in July, leaving total crude output at 19.44 million bpd. Despite geopolitical instability, U.S. production reached 13.83 million bpd, just shy of the record high. Current oil inventory data shows U.S. crude oil inventories are 0.3% above seasonal averages, while gasoline stocks remain 5.3% below.
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