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As of today, November WTI crude oil (CLX25) has risen by +1.58 (+2.54%) while November RBOB gasoline (RBX25) is up +0.0302 (+1.57%). This increase in crude and gasoline prices is attributed to concerns over Russian oil supplies following NATO’s commitment to a “robust” response to recent Russian incursions into NATO airspace.
Global manufacturing activity showed weaker-than-expected results, with the US S&P manufacturing PMI dropping to 52.0 and the Eurozone’s PMI falling to 49.5, impacting energy demand negatively. Additionally, India’s August crude imports decreased by -2.9% year-over-year to 19.6 million metric tons, contributing to bearish sentiment for oil prices.
The ongoing conflict in Ukraine has intensified, with Ukrainian attacks on Russian refineries resulting in a reduction of approximately 300,000 barrels per day in refining capacity. Despite this, OPEC+ has agreed to raise crude production by 137,000 barrels per day, starting in October, while US crude oil inventories remain -4.7% below the five-year seasonal average.
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