November WTI crude oil prices rose by 2.70% to $92.41 today, while November RBOB gasoline increased by 4.22% to $3.27 per gallon. The surge follows Russia’s announcement that it will extend its diesel export ban through October, tightening the global oil market. This ban, initially implemented in July, was a response to attacks on Russian refineries.
In addition, the U.S. Energy Information Administration (EIA) reported that U.S. gasoline inventories fell by 1.7 million barrels to the lowest level in nearly 12 years, while distillate stockpiles dropped by 2.25 million barrels. However, crude inventories unexpectedly rose by 922,000 barrels, defying expectations of a decrease. Overall, U.S. crude production reached a record high of 13.955 million barrels per day as of September 25.
Moreover, JPMorgan estimated that Middle East crude exports rebounded to nearly pre-war levels at 17.5 million barrels per day, although gasoline, diesel, and distillate exports remained at only 58% of those levels. OPEC’s crude production fell by 900,000 barrels per day in August, indicating ongoing supply constraints amid escalating geopolitical tensions.
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