October WTI Crude Oil futures cooled off ahead of the latest FOMC decision, pausing a sharp rally driven by Saudi pipeline shutdowns and a supply halt in Libya. The geopolitical disruptions have led to delayed deliveries for European customers, forcing a pivot to alternative barrels. Meanwhile, diesel remains a dominant upside mover across the energy complex, with futures settling at record highs amid tight global supplies and strikes on Russian refineries.
On the data front, the EIA reported a modest crude oil draw of 600,000 barrels, placing total stocks slightly above the five-year average at 423.4 million barrels. Refinery utilization eased slightly, while gasoline inventories saw a build of 800,000 barrels against a backdrop of strong demand. In the Natural Gas futures market, the November contract traded flat as production dropped across major U.S. basins.