Oil Futures Jump as ULSD Dips Despite Weekly Inventory Build


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) -- Crude oil futures climbed nearly 5% Wednesday (9/23), 
tracking geopolitical issues even as Energy Information Administration (EIA) 
data showed a weekly increase in U.S. commercial crude inventories. Front-month 
NYMEX ULSD futures, meanwhile, fell after a White House official denied reports 
that the U.S. was considering a diesel export ban to help lower domestic prices.

   Crude benchmarks rose amid concerns that the Middle East conflict could 
widen, even after U.S. and Iranian officials held their first talks since June 
on the sidelines of the U.N. General Assembly in New York, with signals 
suggesting little willingness to reach a ceasefire.

   Additionally, reports that fewer vessels were transiting the Strait of 
Hormuz and supply issues in Saudi Arabia following a pipeline disruption 
overshadowed U.S. federal data showing a weekly build in crude oil inventories.

   On Wednesday, the EIA reported U.S. commercial crude oil inventories rose by 
3 million bbl to 426.4 million bbl during the week ended September 18, 
reversing the previous week's 600,000 bbl decline. Stocks were 11.6 million 
bbl, or 2.8%, above the 414.8 million bbl reported during the comparable week 
of 2025.

   Gasoline stocks fell by 1.7 million bbl to 206 million bbl, reversing the 
previous week's 800,000 bbl build and bringing stocks back near the nearly 
10-month low reached in late August. Distillate fuel inventories declined by 
400,000 bbl to 107.4 million bbl, ending three consecutive weekly builds. 
Stocks remained 15.6 million bbl, or 12.7%, below the 123 million bbl reported 
during the comparable week of 2025. 

   The ICE Brent futures contract for November shipments rose $4.39, or 4.42%, 
to $103.64 bbl , while NYMEX WTI crude for November delivery climbers $2.16, or 
2.39%, to $92.68 bbl.

   In contrast, the NYMEX ULSD futures contract for October delivery dipped 
$0.1139, or 2.30%, to

   $4.8282 gallon. Meanwhile, the front-month RBOB futures contract rose 
$0.1141 or 3.27%, to $3.5254 gallon. 

   The U.S. dollar index rose 0.496 points to 100.815 against a basket of 
currencies.

    




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