Oil Prices Stay Steady Amid G7 Stockpile Release and Middle East Watch

Crude oil prices showed little movement at the start of the trading week as investors kept a close watch on Middle East exports and the G7’s plan to release emergency oil stockpiles. November West Texas Intermediate (WTI) crude oil futures dipped $0.96, or 1.05%, to $90.15 per barrel on the New York Mercantile Exchange. While U.S. crude prices ended last week with a 2% loss, they remain up 57% year-to-date.

Brent crude, the global benchmark, held steady around $100 per barrel, with December futures slipping $1.28, or 1.25%, to $100.92 per barrel on London’s ICE Futures exchange. Markets took heart last week as reports indicated that Middle East oil exports have rebounded to or near pre-conflict levels by late September, including improved shipments through the Strait of Hormuz.

Traders also welcomed the G7’s announcement to release up to 100 million barrels of oil and diesel reserves to ease prices. Tim Waterer, chief analyst at KCM Trade, noted that the G7’s move and the return of Saudi export volumes are easing supply concerns, even though geopolitical risks in the Middle East and Eastern Europe persist. Ukrainian President Volodymyr Zelensky warned that his forces would intensify attacks on Russia’s oil refineries in response to Moscow’s latest doctrine.

Other energy commodities saw mixed movements. November natural gas futures rose $0.016, or 0.58%, to $3.051 per million British thermal units (Btu). November gasoline futures fell $0.0511, or 1.54%, to $3.2613 a gallon, while November heating oil futures climbed $0.0329, or 0.73%, to $4.534 per gallon.