Oil Edges Higher on U.S. Crude Draw, Product Futures Mixed


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil markets rebounded from intermittent weakness to 
settle higher Wednesday (9/2) after federal data showed a larger-than-expected 
draw in U.S. commercial crude stocks.

   But crude futures remained well below session highs amid mixed signals for 
energy freight on the Strait of Hormuz from the U.S.-Iran war.

   NYMEX WTI crude for October delivery rose $0.54, or 0.53%, to settle at 
$90.76 bbl after a one-month high at $92.29.

   ICE Brent for November delivery moved up $0.68, or 0.64%, to close at $95.33 
bbl. It hit a one-month peak of $97.04 earlier.

   Crude futures fell as commercial inventories of this fell by 4.5 million bbl 
to 424.5 million bbl during the week ended August 28, the U.S. Energy 
Information Administration reported.

   The drawdown in crude was supported by domestic refinery utilization rates 
that increased to 98% of operable capacity. Strategic Petroleum Reserve stocks, 
meanwhile, fell by 3.1 million bbl to 286.6 million bbl, extending a multi-week 
drawdown.

   Downstream, NYMEX ULSD for October settled virtually flat, rising just 
$0.0049, or 0.10%, to close at $4.6822 gallon. That came after the EIA reported 
that U.S. distillate stocks rose by 800,000 bbl to 104.2 million bbl during the 
reference week. Jet fuel inventories, a component of distillates aside from 
diesel, increased by 200,000 bbl to 45.9 million bbl.

   NYMEX RBOB for October retreated $0.0313, or 1.00%, to settle at $3.1038 
gallon. This was despite U.S. gasoline inventories dropping by 1.2 million bbl 
to 205.7 million bbl, reaching their lowest in nearly 10 months.

   Geopolitical concerns over shipping risks through the Strait of Hormuz 
continued to underpin market sentiment following recent exchanges of fire 
between Washington and Tehran. Iranian state media reported two commercial oil 
tankers were disabled by sea mines Wednesday, highlighting persistent physical 
risks across the transit corridor.

   Separately, Iranian border guards seized a vessel carrying roughly 2,400 bbl 
of smuggled fuel in the northern Persian Gulf and detained 11 foreign crew 
members, Iranian state media reported Wednesday.

   Saudi Arabia's Foreign Ministry said Iranian forces also attacked the 
Saudi-flagged Sidr vessel during its transit through the Hormuz.

   U.S. Treasury Secretary Scott Bessent warned foreign entities providing 
support to Tehran that Washington will target their maritime, airline and 
digital assets with sanctions.




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