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What happened
Reuters reports President Trump is considering allowing sales of red-dyed diesel instead of an export ban, aiming to offer price relief to consumers as the November midterm elections loom.
Key figures:
- Brent rose $1.14 (+1.11%) to $103.73; WTI gained $0.34 (+0.38%) to $89.72 (as of 0131 GMT Wednesday).
- Brent is on track for a ~14% monthly gain, its biggest since July; WTI is up ~4% for September after breaching $106 for the first time since May.
- The Brent-WTI spread is the widest in four months as traders watch potential diesel-export restrictions.
- Middle East crude exports rebounded to 16.328 million bpd in September, the highest since the US-Israeli war with Iran began in late February.
- API data showed US crude stocks rose 1.02 million barrels in the week to September 25; gasoline inventories rose while distillates fell.
Trump denied an Axios report he was willing to ease sanctions and release frozen Iranian funds: “This is untrue. I offered them NOTHING.” Qatar’s Majed al-Ansari said Doha is exchanging messages between the parties toward common ground, while Saudi Arabia resumed tanker loadings at Yanbu after restarting the East-West Pipeline.
Why it matters
An export ban would have created domestic oversupply, pushing US refiners like Valero, Marathon, and Phillips 66 to process less crude. Allowing red-dyed diesel sales instead signals the White House wants consumer price relief without hammering refiners.
MST Marquee’s Saul Kavonic: “Further evidence of recovering flows through the Strait of Hormuz, hope for alternatives to a US diesel export restriction will emerge, and no material Iranian escalation in the last 24 hours has seen prices come off a little.” He added the situation “remains volatile, oil logistics are expensive and constrained.” About one-fifth of the world’s oil moves through Hormuz — so any supply risk gets priced fast.
What to watch
EIA’s official inventory data lands Wednesday at 10:30 a.m. EDT. Watch whether the administration formally moves on the red-dyed diesel proposal or keeps the export ban on the table — plus Qatar’s shuttle diplomacy and tanker flows through Hormuz and the Red Sea.
Related reading
- Trump Weighs Diesel Export Ban “Very Seriously” as Prices Hit Record
- Morgan Stanley: US Diesel Export Ban Would Backfire, Push Gas Prices Higher
Would you fill up with red-dyed diesel to save money if the White House allows it — or worry about your engine and warranty?
Source: Reuters
Auto-posted by the Bull Lounge news desk.
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