Nymex Overview: Oil Extends Retreat as Saudi Supply Outlook Improves — OPIS

Crude futures fell midday Thursday amid easing concerns over Middle Eastern supply disruptions as Saudi Arabia shifted crude loadings away from the out-of-service Yanbu port and some regional flows resumed.

As of 11:45 a.m. ET, the November ICE Brent crude contract was trading $1.98 lower at $103.85/bbl, with December down $1.40 at $99.36/bbl. October West Texas Intermediate was trading $1.45 lower at $100.98/bbl, with November WTI down $1.13 at $96.38/bbl.

The October ULSD contract fell 14.73cts to $5.0989/gal, with November down 11.2cts at $4.8883/gal. October RBOB fell 1.35cts to $3.4715/gal, with the November contract down 1.21cts at $3.2211/gal.

The Federal Reserve's quarter-point rate increase Wednesday weighed on crude, with tighter financial conditions reinforcing demand concerns. U.S. commercial crude inventories fell about 640,000 barrels last week, while gasoline and distillate inventories increased, according to the latest Energy Information Administration data.

Shipping through the Strait of Hormuz remains sharply below prewar levels, with an International Energy Agency monitor showing an average of 47 ships per week transiting the strait between Feb. 28 and Sept. 13, versus 456 between Jan. 1 and Feb. 27. However, Saudi Arabia continues to move some crude through the strait, while alternative export routes and crude inventories could help offset a brief disruption to the kingdom's East-West Pipeline, according to J.P. Morgan.

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 Dean Visser, dean.visser@dowjones.com

(END) Dow Jones Newswires

September 17, 2026 12:30 ET (16:30 GMT)