WTI Holds Gains After Gasoline Stocks Hit 2-Year-Low (As Pump-Prices Plunge?)

2024-10-30 2 min read

Oil prices are higher this morning after a two-day decline on the possibility of more attacks in the Middle East and potentially tightening US crude stockpiles.

While one Israeli minister suggested that the war with Hezbollah could be over by year-end, the country’s military chief vowed to strike Iran “very hard” should the OPEC producer launch another attack.

“We think the oil market has relaxed too quickly,” Standard Chartered analysts including Emily Ashford said in a note.

“We see the risk of an escalating series of attacks over an extended period, with no immediate prospect of either military or diplomatic resolution.”

Additionally, all eyes are on OPEC+’s plans to gradually revive production from December, with traders split on whether the alliance will press ahead. Reuters reported that OPEC+ nations could delay plans to revive oil production in December, citing unidentified sources.

But more notable for now is what local demand and supply looks like…

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