DTN Oil Update

Barani Krishnan
DTN Refined Fuels Market Reporter

SECAUCUS, N.J. (DTN) -- Crude futures hit multi-month highs Friday, with WTI rising a third straight week and Brent the fifth week in a row, as geopolitical tension and supply vulnerability across the Middle East continued to mount.

NYMEX WTI crude for December delivery rose $4.04, or 4.05%, to settle at $103.51 bbl. The intraday peak of $103.88 marked a five-week high. For the week, the U.S. crude benchmark climbed around 4%.

ICE Brent for December delivery moved up $3.85, or 3.41%, to $117.02 bbl, after reaching a session peak of $117.45 bbl, its highest since April. For the week, the global crude benchmark rose about 6%.

Downstream, NYMEX ULSD for November delivery advanced $0.0752, or 1.51%, to $5.0073 gallon. The weekly gain stood at almost 2%, accounting for a third straight weekly rise.

RBOB for November finished higher by $0.0400, or 1.18%, to $3.2165 gallon. Despite the daily advance, gasoline was the only component of the NYMEX futures to post a weekly decline of almost 1%.

The U.S. Dollar Index steadied, edging up 0.193 points to close at 101.635 against a basket of foreign currencies.

Fueling the rally throughout the session were deepening concerns over Persian Gulf energy security following security alerts that prompted Saudi Aramco to order an emergency evacuation of its corporate headquarters in Dhahran.

While recent Houthi drone and missile strikes targeting Saudi Arabia's Red Sea infrastructure -- including the port of Yanbu -- did not cause immediate physical supply stoppages, the expansion of threats toward major eastern production and export hubs heightened market fears over regional export continuity.

Adding to the risk premium, geopolitical friction broadened across multiple fronts. Reports indicated the U.S. State Department had issued evacuation orders for non-essential personnel in Saudi Arabia, while speculation mounted regarding plans for renewed military actions involving Iran following the U.S. midterm elections on Nov. 3.

Compounding global supply tightness, an unauthorized valve closure on Libya's Hamada-to-Zawiya pipeline forced production shut-ins at the Hamada and Tahara fields, curbing crude deliveries to the Zawiya export terminal.

Ongoing reciprocal infrastructure strikes in the Russia-Ukraine conflict also kept distillate markets on edge.

Persistent drone damage to Russian refineries has severely hampered domestic refining capacity, leading to localized fuel shortages and export restrictions.

Although the first Russian diesel cargo bound for the U.S. since White House sanction waivers departed this week, traders noted that long-term refinery repair delays in Russia increase the likelihood that global diesel market tightness will persist well into next year.

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