WTI Dips to $57, Pressured by U.S. Crude Build


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil futures fell for a third straight day on Thursday 
(10/16) after the third consecutive weekly build in U.S. crude stockpiles 
reported by the Energy Information Administration.

   The NYMEX WTI contract for November delivery fell $0.81 to settle at $57.46 
bbl, while ICE Brent for December delivery slid $0.62 to $61.29.

   November RBOB gasoline futures were down $0.0181 at $1.8163 gallon, and 
front-month ULSD futures fell $0.0189 to $2.1559 gallon.

   The U.S. Dollar Index dipped by 0.391 points to 98.15 against a basket of 
foreign currencies.

   Oil futures rose briefly in morning trading after U.S. officials indicated 
that India and Japan might stop buying Russian oil -- a claim not confirmed by 
the two countries.

   However, prices later fell driven by weekly EIA data and remarks from U.S. 
President Donald Trump, who announced plans to meet with Russian President 
Vladimir Putin to discuss ending the war in Ukraine.

   The EIA reported that U.S. commercial crude stocks jumped 3.5 million bbl to 
423.8 million bbl during the week ended October 10, after two prior weekly 
builds of 3.7 million bpd and 600,000 bpd. With the new additions, inventories 
stand at about 3.3 million bbl above the volume reported in the same week of 
last year.

   In the profiled week, gasoline stockpiles slipped by 300,000 bbl to 218.8 
million bbl, following a small decline the prior week, EIA data showed. 
Distillate dropped a sizeable 4.6 million bbl to 117 million bbl, reversing the 
prior week's modest build.

   Sharp upward revisions in crude inventories around the world, along with 
U.S.-China trade tensions, have weighed on WTI and Brent pricing, dragging the 
two benchmarks to five month-lows.

   On Tuesday (10/14), the International Energy Agency forecasted a record 
crude stockpile of 4 million bbl for 2026. On the trade front, Washington 
criticized Beijing's recent restrictions on rare earths exports calling them a 
"global supply chain power grab".




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