DTN Oil Update
Oil Slides on G7 Stockpile Release; ULSD Firms
SECAUCUS, NJ (DTN) -- Crude oil markets tumbled for a second straight session Monday (10/5) in a further response to the G7's emergency stockpile release, although diesel futures firmed on signs of little capacity relief for refineries in the West.
Gasoline futures fell on softer seasonal demand anticipated for the fall season, as well as lower crude feedstock costs expected from the G7 inventory release.
NYMEX WTI crude for November delivery fell $2.21, or 2.34%, to settle at $89.43 bbl, after falling to $88.74 during the session.
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ICE Brent for December delivery moved down $2.36, or 2.32%, to close at $100.32 bbl. The session low was $99.83.
Downstream, NYMEX ULSD for November delivery climbed $0.0054, or 0.15%, to finish at $4.5452 gallon. It hit a high of $4.6578 for the day.
RBOB for November retreated $0.0851, or 2.54%, to end the session at $3.2462 gallon. It reached a low of $3.2256 earlier.
By 2:45 p.m. ET, the U.S. dollar index gained 0.243 points to 101.960 against a basket of currencies.
Monday's decline in crude futures followed Friday's announcement by G7 leaders that the bloc will unlock 100 million bbl of crude oil and diesel from joint reserves to stabilize global markets. The decision prompted the White House to shelve plans for a proposed U.S. diesel export ban.
But while the stockpile release is expected to flood the market with new crude, traders noted that refinery bottlenecks and physical distillate deficits remain acute in both Europe and the U.S. Atlantic Basin.
Geopolitical friction also continued to provide support for refined products following fresh attacks on shipping in the Strait of Hormuz.
United Kingdom Maritime Trade Operations reported that Iran's Islamic Revolutionary Guard Corps hailed an inbound commercial vessel, forcing it to reverse course under threat of targeted fire. The Liberian-flagged tanker Lipsi sustained engine room damage from a projectile strike over the weekend, while the Panama-flagged Uhud experienced a blackout and fire following a separate attack.
Saudi-backed Yemeni government troops launched a multi-front assault to clear Houthi positions around the Bab al-Mandeb strait in an attempt to retake the waterway to secure access to Red Sea shipping lanes.
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