Brent $92, WTI $86.
According to API data for the week ended November 6, US crude inventories fell by 9.8 million barrels, gasoline inventories rose by 2.7 million, distillates fell by 8 million and Cushing inventories increased by 5.1 million barrels. At the same time, 2.7 million barrels were withdrawn from the strategic reserve (SPR), reducing it to 279.5 million. A reduction in inventories of raw materials and distillates supports the market, while an increase in gasoline inventories indicates a more favorable balance in this segment. Gasoline prices are falling.
Brent fell to $90 per barrel following expectations of de-escalation around Iran. However, the spread of US diesel cracking remains unusually high: according to the most recent data available, it exceeded $90 per barrel in early November, depending on the basis of the calculation.
The price of oil is falling faster than the fuel market is normalizing.
A day earlier, Donald Trump said that he still does not see the need for new attacks on Iran, but intends to maintain the American naval blockade. States have the possibility of a large-scale operation.
Tehran insists on lifting the blockade and sanctions and stopping the attacks; The parties still do not expect a quick agreement.
Meanwhile, attacks on ships and reports of tankers hit by sea mines in the Strait of Hormuz remain at risk of further price increases.
According to the Iranian side, two ships caught fire after colliding with naval mines in a route that Tehran considers unauthorized. Separately, the British agency UKMTO reported an attack on a tanker northeast of Oman.
The market traded on the hope of a de-escalation, although security of supply has not yet been restored.