Nymex Overview: Oil Futures Retreat on Demand Concerns, U.S. Stock Build — OPIS
Crude oil futures retreated midday Thursday amid concerns over weaker global demand and a large U.S. crude inventory build, while ongoing disruptions to traffic through the Strait of Hormuz continued to support prices.
As of 11:40 a.m. ET, the September West Texas Intermediate contract slid 86cts to $82.41/bbl, with October WTI down 75cts at $81.42/bbl. October ICE Brent fell 86cts to $88.12/bbl, with the November contract down 65cts at $86.17/bbl.
Refined product futures were mixed. The September RBOB contract traded 1.27cts higher at $3.1664/gal, with October up 0.75ct at $2.9001/gal. September ULSD edged up 0.47ct to $4.3087, while the October contract slipped 0.28ct to $4.1759/gal.
U.S. commercial crude inventories rose 17.4 million bbl in the week ended Aug. 7 to 424.4 million bbl, the largest weekly increase since January 2023, the Energy Information Administration reported Wednesday. The increase came as crude exports and refinery runs declined.
The demand outlook also weakened, with OPEC cutting its 2026 global oil demand growth forecast to 580,000 b/d and the International Energy Agency projecting a 1.6 million b/d contraction in consumption this year.
Supply concerns remained in focus as traffic through the Strait of Hormuz stayed severely constrained, with Kpler data showing five non-container vessel crossings Wednesday, the lowest level in three weeks. The U.S. and Iran continued to make competing claims over control of the waterway.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
August 13, 2026 12:32 ET (16:32 GMT)
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