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Barchart
Barchart
Rich Asplund

Crude Prices Jump as Global Diesel and Gasoline Supplies Shrink

November WTI crude oil (CLX26) is up +2.41 (+2.70%) today, and November RBOB gasoline (RBX26) is up +0.1321 (+4.22%).

Crude oil and gasoline prices are moving sharply higher today after Russia extended its diesel export ban, further tightening the global market. Also, attacks on vessels transiting the Strait of Hormuz continue after the UK Maritime Trade Operations said three tankers were reported to have been struck in the strait on Tuesday. Energy prices added to their gains today after weekly EIA gasoline inventories fell to a nearly 12-year low and distillate stockpiles unexpectedly declined.

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