NYMEX Overview: Oil Futures Rise as Middle East Supply Risks Persist — OPIS
Crude oil futures moved higher around midday Thursday amid continued concerns over supply disruptions in the Middle East despite a recovery in regional crude exports.
As of 11:30 a.m. ET, the December ICE Brent crude contract was trading $3.66 higher at $101.69/bbl, with January up $2.83 at $97.97/bbl. November West Texas Intermediate traded $2.13 higher at $92.55/bbl, with the December contract up $2.09 at $90.51/bbl.
Refined product futures were mixed. The November RBOB contract rose 9.8cts to $3.592/gal, while December climbed 10.09cts to $3.1481/gal. The November ULSD contract, on the other hand, was trading 4.23cts lower at $4.6458/gal, with December down 1.34cts at $4.4934/gal.
Middle East crude exports have recovered significantly, with support from restored flows through Saudi Arabia's East-West Pipeline and alternative export routes. J.P. Morgan analysts put the 10-day average at 17.5 million b/d, or 98% of prewar levels. Kpler data showed that about 40% of September Gulf crude exports excluding Iran bypassed the Strait of Hormuz, compared with 17% before the war.
Even as flows recover, physical oil markets remain tight. HSBC said the increase in Middle East exports does not mean the market has returned to normal. MUFG noted that fuel shortages, uncertainty over access through Hormuz and regional security risks continue to constrain the physical market. Spartan Capital Securities said supply concerns remain in focus as the conflict continues despite improved traffic through the strait.
U.S. commercial crude stocks unexpectedly rose 900,000 bbl to 427.3 million bbl last week, versus analysts' expectations for a 200,000-bbl draw, according to the Energy Information Administration. Gasoline inventories fell 1.7 million bbl and distillate stocks declined 2.3 million bbl, leaving both below their five-year seasonal average.
Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
October 01, 2026 12:09 ET (16:09 GMT)
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