November WTI crude oil (CLX25) on Tuesday closed up +1.13 (+1.81%), and November RBOB gasoline (RBX25) closed up +0.0218 (+1.14%). Crude oil and gasoline prices moved sharply higher on Tuesday on concerns about Russian crude supplies after NATO promised a "robust" response to Russian incursions into its airspace.   Crude prices fell back from their best levels after Tuesday's economic reports showed weaker-than-expected manufacturing activity in the Eurozone and the US, a bearish factor for energy demand ...

October WTI crude oil (CLV25) on Tuesday closed up +1.22 (+1.93%), and October RBOB gasoline (RBV25) closed up +0.0282 (+1.40%). Crude oil and gasoline prices rallied sharply on Tuesday and posted 1.5-week highs.  Tuesday's slump in the dollar index (DXY00) to a 2.5-month low is bullish for energy prices.  Also, concerns over a decline in Russian oil exports are boosting crude prices as Ukraine steps up its drone attacks on Russian refineries.  In addition, Tuesday's stronger-than-expected US economic new ...

Core Insights - Crude oil and gasoline prices have reached 1.5-week highs, driven by a decline in the dollar index and concerns over Russian oil exports due to increased Ukrainian drone attacks [2][3] - The ongoing conflict in Ukraine is tightening global oil supplies, with significant damage to Russian oil infrastructure impacting crude processing rates [3][6] Price Movements - October WTI crude oil is up by 1.08 (+1.71%) and October RBOB gasoline is up by 0.0209 (+1.04%) [1] - A decrease in crude oil stored on tankers, which fell by 7.2% week-over-week to 67.96 million barrels, is also supporting oil prices [5] Economic Indicators - Strong US economic data, including a 0.6% month-over-month increase in retail sales and a 0.2% rise in manufacturing production, is bullish for energy demand and crude prices [4] Geopolitical Factors - The war in Ukraine is leading to potential new sanctions on Russian energy exports, which could further reduce global oil supplies [6] - Recent drone attacks on Russian refineries have significantly curtailed crude-processing runs to 4.98 million barrels per day, marking the lowest monthly average in over 3.25 years [3]

Group 1 - Crude oil and gasoline prices are rising due to a weak dollar and escalating geopolitical risks in Europe, particularly after Poland shot down Russian drones, which is seen as an "act of aggression" [2][3] - OPEC+ has agreed to increase crude production by 137,000 barrels per day (bpd) starting in October, which is a smaller increase compared to the previous months [4] - Concerns over the ongoing war in Ukraine may lead to additional sanctions on Russian energy exports, further tightening global oil supplies [5] Group 2 - Geopolitical tensions in Europe and the Middle East are contributing to bullish sentiment for crude prices, with Israel's recent strike on Hamas leadership in Qatar potentially widening the conflict [3] - Despite a bearish EIA inventory report showing an unexpected rise in crude supplies and gasoline stockpiles, crude prices are still climbing [2] - Reduced Russian crude output due to Ukrainian attacks on Russian refineries has led to a significant decrease in Russia's crude-processing runs, supporting higher prices [4]

Geopolitical Risks - Crude oil and gasoline prices increased due to concerns over the widening conflict in the Middle East following Israel's strike in Qatar targeting Hamas leaders [2][3] - Qatar condemned the Israeli attack, stating it violated international law and could escalate tensions in a region that supplies about one-third of global oil [3] Supply Dynamics - OPEC+ has agreed to raise crude production by 137,000 barrels per day (bpd) starting in October, which is a decrease from the previous increases of 547,000 bpd in September and August [4] - Reduced Russian crude output, due to Ukrainian attacks on Russian refineries, has tightened global oil supplies, with Russian crude-processing runs dropping to 5.09 million bpd, the lowest in over 3.25 years [4] Sanctions and Regulatory Environment - Ongoing war in Ukraine may lead to additional sanctions on Russian energy exports, further reducing global oil supplies [5] - US Treasury Secretary indicated that the US will closely examine sanctions on Russia, while European leaders have called for secondary sanctions targeting companies from third countries supporting Russia [5]

October WTI crude oil (CLV25) on Monday closed up +0.39 (+0.63%), and October RBOB gasoline (RBV25) closed down -0.0056 (-0.29%). Crude oil and gasoline prices on Monday settled mixed.  Crude found support Monday from a weaker dollar and after OPEC+ raised its production at a lower rate than expected.  Gains in crude prices were limited after Saudi Arabia cut the prices of all of its crude for buyers in Asia for delivery in October, a sign of weaker demand. More News from Barchart Crude prices moved hig ...