Tight USAC inventories likely aided the rally in the front month NYMEX ULSD contract, which surged 5 cents on the heels of the EIA report. USAC diesel stocks are now at the lowest since late May and stand 44% behind the EIA five-year average. US Atlantic coast diesel stocks were lower for a fourth straight week, falling 1.71 million barrels to 23.85 million barrels. The counter-seasonal draw put stocks at a nine-week low and left them nearly 21% behind the five-year average for this time of year. 30, the US Energy Information Administration said Oct. US distillate stocks declined 3.44 million barrels to 110.92 million barrels in the week to Sept. Oil prices had been trending higher ahead of the OPEC+ decision on the heels of US inventory draws. NYMEX November ultra low sulfur diesel was up 17.23 cents at $3.7081/gal and November RBOB increased 1.34 cents/gal to $2.6965/gal. The cuts "send an unambiguous message to the market about a willingness to reduce supply to support rising price objectives," S&P Global analysts Paul Sheldon and Shin Kim said, noting that the failure of most members to reach even their current quota levels means the actual impact of the cuts will be less than the headline figure. The cuts come in defiance of US pressure to avoid a potential spike in oil prices. 5 to trim November production levels by 2 million b/d. OPEC and its allies, at their first in-person meeting since March 2020, agreed Oct.
Receive daily email alerts, subscriber notes & personalize your experience.Īt 1542 GMT, NYMEX November WTI was up $1.76/b at $88.28/b and ICE December Brent rose $2.00/b to $93.80/b.
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