Crude Oil Gains on News the US Plans to Refill the SPR

Core Insights - Crude oil prices experienced mixed movements, supported by US plans to refill the Strategic Petroleum Reserve and easing US-China trade tensions, while gasoline prices declined [1][2] Group 1: Crude Oil Market Dynamics - November WTI crude oil closed up by 0.30 (+0.52%), while November RBOB gasoline closed down by -0.0049 (-0.27%) [1] - The Trump administration's plan to purchase 1 million barrels of oil for the Strategic Petroleum Reserve provided support for crude prices, despite concerns about a global supply glut [3] - OPEC+ agreed to a 137,000 bpd increase in crude production starting in November, which was less than market expectations, contributing to price support [5] Group 2: Geopolitical Influences - Easing tensions in the Middle East following a ceasefire agreement between Israel and Hamas reduced risk premiums in crude prices [4] - Reduced crude exports from Russia due to Ukrainian attacks on refineries have limited Russia's export capabilities, supporting oil prices [6] Group 3: Supply and Demand Factors - A forecast by the IEA indicated a record global oil surplus of 4.0 million bpd for 2026, raising concerns about oversupply [3] - A reported decrease of 12% in crude oil stored on stationary tankers worldwide is seen as bullish for oil prices [4]