Oil Futures Jump 2% After Weekly Draw in U.S. Crude Stocks


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) --Oil futures jumped 2% on Wednesday (10/22) morning 
after data from the American Petroleum Institute (API) showed a weekly draw in 
crude and fuel product stocks for the week ended October 17. This marked the 
first draw in three weeks.

   Reports that the United States had pushed India to wind down purchases of 
Russian oil.during a call phone between U.S. President Donald Trump and Indian 
Prime Minister Narendra Modi also set the bullish tone in the oil futures 
market.

   Additionally, the U.S. Department of Energy's announcement on Tuesday 
(10/21) that it would buy approximately one million barrels of crude oil to 
replenish the Strategic Petroleum Reserve contributed to the market sentiment.

   NYMEX WTI futures for November delivery rose $1.30, or 2.2%, to $58.55 bbl. 
ICE Brent for December delivery climbed $1.29, or 2.1%, to $62.61 bbl.  WTI and 
Brent are also up more than 2% week-to-date after straight losses in three 
prior weeks.

   Downstream, November RBOB gasoline futures climbed $0.0306 to $1.8559 
gallon, while the front-month ULSD futures contract rose $0.0358 to $.2416 
gallon.

   The U.S. Dollar Index edged higher by 0.154 points to 98.865 against a 
basket of foreign currencies.

   U.S. commercial crude oil supply decreased by 2.98 million bbl last week, 
following a 3.524 million bbl build the prior week, API data on Tuesday showed.

   Gasoline stockpiles, meanwhile, fell by 236,000 bbl in the week ending 
October 18, compared with a 270,000 bbl draw the previous week. Distillate fuel 
stocks also declined, sliding by 974,000 bbl after a 4.53 million bbl decrease 
the prior week.

   Market participants will be focused on U.S. Energy Information 
Administration's inventory data to be released at 10:30 a.m ET today. 




(c) Copyright 2025 DTN, LLC. All rights reserved.