WTI Falls 2% After EU Approves Release of 50 Million Barrels of Diesel Reserves, Sidestepping US Export Ban Threats

โดย Kaohoon·EUUSFR·Read original
Summary · why it matters

West Texas Intermediate crude for November delivery closed Friday, October 2, down 1.76 dollars, or 1.9%, at 91.11 dollars a barrel, while Brent crude for December delivery slipped 6 cents, or 0.06%, to close at 102.25 dollars a barrel. For the week overall, WTI fell 1.6%, while Brent edged up 0.11%. The main pressure came from European leaders' willingness to comply with the demands of US President Donald Trump, who wants diesel reserves released to cool prices and reduce reliance on fuel imports from the United States. Sources told Reuters that EU member states had discussed and agreed to a French proposal to release additional diesel reserves, with the plan calling for European countries to release a total of 50 million barrels of diesel and proposing that members of the International Energy Agency release another 50 million barrels of crude reserves. Two sources said Europe would begin gradually releasing some of the diesel within a 20-day window. The French presidential office said President Emmanuel Macron chaired a conference call with G7 leaders on Friday, but it remains unclear whether G7 members agree with the volume of fuel that France proposed releasing. Analysts assess that the main pressure in the energy market is no longer a shortage of crude oil, as supply from the Middle East has begun to recover, but rather that the problem is concentrated on the refined products side, which is constrained by refining capacity and reduced output across the Middle East and Russia.

Impact on assets 3

Others▼ · 3 stocks
⛏Crude Oil WTI Futures
WTI
▼ NegativeSupplyrelevance

EU/IEA plan to release 50 million barrels of diesel and another 50 million barrels of crude reserves adds supply, pressuring WTI lower.

⛏Heating Oil Futures
HEATOIL
▼ NegativeSupplyrelevance

EU agreement to release 50 million barrels of diesel reserves boosts refined-product supply, pressuring heating oil.

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