Oil Futures Up on Gulf Concerns; Diesel Crack Strong


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude prices climbed early Wednesday (9/23) on the 
lack of a prompt resolution to the Gulf war. Diesel futures slipped on U.S. 
President Donald Trump's proposed domestic ban on diesel exports even as cracks 
for the fuel remained strong on global supply worries.

   By 9:36 a.m. ET, NYMEX WTI crude for November delivery rose $0.63, or 0.71%, 
to $91.15 bbl. The session high was $91.43. 

   ICE Brent for November delivery moved up $1.29, or 1.32%, to $100.54 bbl. It 
reached as high as $100.80 during the session. 

   Crude benchmarks rose amid concerns about the situation in the Gulf after 
Trump cautioned Tuesday that further U.S. military action remained an option 
against Iran despite the first face-to-face talks in months between White House 
and Iranian government representatives on Tuesday on the sidelines of the U.N. 
General Assembly in New York.

   Downstream, NYMEX ULSD for October delivery eased $0.0972, or 2.32%, to 
$4.8449 gallon. It peaked at $4.9719 during the session.

   The diesel crack remained around $118 bbl, holding near historic high levels 
compared to the traditional 5-year average of roughly $20 to $30 bbl. The crack 
saw a further boost after U.S. Treasury Secretary Scott Bessent said the 
administration was evaluating whether a full or partial ban on U.S. diesel 
exports would be feasible after Trump backed the idea Tuesday as an option to 
bolster domestic supply. European low-sulfur gasoil crack spread over Brent 
crude, meanwhile, expanded to a record $95 bbl.

   RBOB for October advanced $0.0379, or 1.01%, to $3.5254 gallon. The high for 
the day was $3.5698. 

   The U.S. dollar index gained 0.311 points to 100.630 against a basket of 
currencies.   

   Industry data from the American Petroleum Institute reported a 1.786 million 
bbl build in U.S. crude inventories for the week ended September 18, defying 
expectations for a draw. Official inventory figures from the U.S. Energy 
Information Administration are scheduled for release at 10:30 a.m. EDT.




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