DTN Oil Update
Brent Up 4% Amid U.S.-E.U. Diesel Stock Negotiations
SECAUCUS, NJ (DTN) – Crude futures jumped as much 4% Thursday (10/1) as the Trump administration pressured Europe to release emergency diesel stocks, signaling an aggressive push to increase Atlantic refining runs that could ultimately boost oil demand. Distillate prices, meanwhile, fell on expectations of expanding product supply.
ICE Brent for December delivery moved up $4.28, or 4.37%, at $102.31 bbl. The session high was $103.05.
WTI crude for November delivery rose $2.50, or 2.78%, to close at $92.87 bbl, after soaring to $93.68 during the session.
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Downstream, NYMEX ULSD for November delivery eased $0.0545, or 1.22%, to finish at $4.6420 gallon. It peaked at $4.7831 for the day.
RBOB for November advanced $0.1494, or 4.55%, to end the session at $3.4026 gallon. It reached $3.4173 earlier.
By 2:43 p.m. EDT, the U.S. dollar index gained 0.699 points to 101.890 against a basket of currencies.
Transatlantic trade friction intensified following reports that Washington asked European Union leaders – specifically targeting France and Germany – to release 120 million bbl of emergency diesel reserves over the next six months or face a potential U.S. diesel export ban.
U.S. Trade Representative Jamieson Greer stated Thursday that Europe "should release some diesel inventories" and that meetings were due with E.U. counterparts on the matter. Media reports said European officials were in "high-level contact" with Washington regarding emergency diesel stocks.
Reports said E.U. Trade Commissioner Maros Sefcovic had confirmed Brussels was in "high-level contact" with the Trump administration, but had also cautioned that any U.S. export ban would have "dramatic consequences" for European economic performance.
The tussle for diesel supply comes amid Russia's export ban on the product through October and reports that China would suspend all fuel exports for the first week of this month.
The Trump administration's demand for Europe to make diesel available underscores critical inventory deficits across key U.S. consuming regions. Energy Information Administration data released Wednesday (9/30) showed U.S. distillate stockpiles plunged to a record seasonal low of 105.2 million bbl – down nearly 15% year-on-year – while East Coast diesel and heating oil reserves trail year-ago levels by almost 29% heading into winter.
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