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Barchart
Barchart
Rich Asplund

Shrinking Gasoline and Diesel Supplies Lifts Crude Oil Prices

November WTI crude oil (CLX26) closed up +1.04 (+1.16%) on Wednesday, and November RBOB gasoline (RBX26) closed up +0.1282 (+4.09%).

Crude oil and gasoline prices rallied sharply on Wednesday 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 on Wednesday after weekly EIA gasoline inventories fell to a nearly 12-year low and distillate stockpiles unexpectedly declined. Crude prices fell from their best level on Wednesday after the dollar index ($DXY) recovered from early losses and moved higher.

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