DTN Oil Update
Oil Rises as Supply Disruptions Show No Sign of Easing
VIENNA (DTN) -- Oil prices advanced for a second day Thursday (9/24) morning amid stalling progress in U.S.-Iran talks and signs that the disruption to Saudi Red Sea crude oil exports may last longer than initially expected.
By 08:54am ET, ICE Brent for November delivery was up $1.99 to trade near $105.07 bbl, and NYMEX WTI for November delivery rose $1.53 to $93.69 bbl.
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Downstream, NYMEX ULSD for October delivery advanced $0.1189 to $4.8953 gallon, and front-month RBOB futures edged higher by $0.0228 to $3.6098 gallon.
The US dollar index strengthened by 0.21 points to 101.02 against a basket of foreign currencies.
U.S. and Iranian diplomats this week 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. On Thursday, reports that Tehran gave the U.S. a one-week ultimatum to lift its naval blockade also supported prices.
Oil futures rallied Wednesday on rumors that the White House was considering a 90-day diesel export ban, overshadowing a weekly U.S. inventory report showing commercial crude oil stockpiles expanding by some 3 million bbl.
High international demand amid a global supply tightness has over the past months put additional strain on already low distillate fuel oil inventories, with exports during this period running around 400,000 bpd higher than last year. Nationwide ultra-low sulfur diesel inventories fell by 600,000 bpd last week, widening the gap to year-ago levels to 14%, according to Energy Information Administration data released Wednesday.
Middle Eastern oil supply disruptions, meanwhile, showed little signs of easing. Saudi Aramco this week extended the suspension of shipments from Yanbu to Europe into November. Oil exports from the Red Sea port, a vital workaround to the blockade of the Strait of Hormuz, have dried up since drone strikes damaged the East-West pipeline. Iran continued to enforce its blockade, with independent observers on Thursday reporting that yet another oil tanker was struck near the oil choke point.
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