DTN Oil Update
Oil Futures Jump, ULSD Dips Despite Weekly Inventory Build
HOUSTON (DTN) -- Crude oil futures climbed nearly 5% Wednesday, even as Energy Information Administration (EIA) data showed a weekly increase in U.S. commercial crude inventories.
Front-month NYMEX ULSD futures, meanwhile, fell after a White House official denied reports that the U.S. was considering a diesel export ban to help lower domestic prices.
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Crude benchmarks rose amid concerns that the Middle East conflict could widen, even after U.S. and Iranian officials held their first talks since June on the sidelines of the U.N. General Assembly in New York, with signals suggesting little willingness to reach a ceasefire.
Additionally, reports that fewer vessels were transiting the Strait of Hormuz and supply issues in Saudi Arabia following a pipeline disruption overshadowed U.S. federal data showing a weekly build in crude oil inventories.
On Wednesday, the EIA reported U.S. commercial crude oil inventories rose by 3 million bbl to 426.4 million bbl during the week ended Sept. 18, reversing the previous week's 600,000 bbl decline. Stocks were 11.6 million bbl, or 2.8%, above the 414.8 million bbl reported during the comparable week of 2025.
Gasoline stocks fell by 1.7 million bbl to 206 million bbl, reversing the previous week's 800,000 bbl build and bringing stocks back near the nearly 10-month low reached in late August. Distillate fuel inventories declined by 400,000 bbl to 107.4 million bbl, ending three consecutive weekly builds. Stocks remained 15.6 million bbl, or 12.7%, below the 123 million bbl reported during the comparable week of 2025.
The ICE Brent futures contract for November shipments rose $4.39, or 4.42%, to $103.64 bbl, while NYMEX WTI crude for November delivery climbed $2.16, or 2.39%, to $92.68 bbl.
In contrast, the NYMEX ULSD futures contract for October delivery dipped $0.1139, or 2.30%, to
$4.8282 gallon. Meanwhile, the front-month RBOB futures contract rose $0.1141, or 3.27%, to $3.5254 gallon.
The U.S. Dollar Index rose 0.496 points to 100.815 against a basket of currencies.
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