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WTI crude futures swing as Gulf supply improves but fuel bottlenecks persist
Saudi Arabia restored export routes, improving Gulf crude flows, but diesel, gasoline and jet-fuel movements remain constrained.
November WTI crude oil futures spent the week moving between opposing forces, with Gulf crude flows improving after Saudi Arabia restored export routes, and producers finding ways around the Strait of Hormuz disruption, according to OilPrice.
The supply improvement gave sellers the relief they needed, but the fuel market did not hold steady with that shift, as diesel, gasoline and jet-fuel flows were still constrained.
OilPrice also cited that Russia has restricted diesel exports as part of the ongoing pressure on refined fuel availability.
Latest closeWTI crude $90.46 ▲1.2%|Gasoline (RBOB) $3.272 ▼0.2%