WTI Crude oil prices remain almost constant in Asia-Pacific trading as equity indexes all over the region trade higher against a softer US Dollar. On Wednesday, WTI and Brent crude prices had over a 3% increase as a pullback in the US Dollar, and inventory data helped the commodity.
The US Energy Information Administration’s weekly report crossed the wires on Wednesday. US crude oil stocks rose 2.58 million barrels for October 21, which was more than double the 1.03-million-barrel build analysts expected. However, gasoline stocks fell by 1.48 million barrels, and distillate stocks saw only a modest 170k barrel increase.
According to the EIA summary report, distillate fuels, including diesel, are around 20% below the 5-year average compared to the same period last year. Europe is ordering as much fuel as possible before the February ban on Russian products takes effect. The Biden administration is reportedly considering banning exports, but no decision has been made yet.
It isn’t just international diesel demand; US crude oil exports hit a record high at 5.1 million barrels per day. A surge in the spread between WTI and Brent prices, which rose to over $8 per barrel last week, the highest level since July, has fueled overseas demand. That drove the bullish sentiment in WTI, with traders brushing off the better-than-expected headline figure.