Nymex Overview: Petroleum Futures Falling on News of Planned G7 Inventory Release — OPIS

Crude oil and refined product futures contracts were seeing sharp declines Friday amid increased optimism over Middle East oil supply and news that the Group of Seven nations plan a substantial release from diesel and crude stockpiles to combat record-high prices.

U.S. oil prices were down about 2.4% at 11:45 a.m. ET, with the November West Texas Intermediate crude prices down $2.12 to $90.75/bbl and December prices trading $1.98 lower to $88.91/bbl.

Brent crude losses were lighter, with the December contract moving 96cts lower to $101.35/bbl and January prices sinking by 68cts to $97.75/bbl.

Diesel futures were falling by about 3.8%, with November prices off by 17.5cts to $4.467/gal and the December contract 16.45cts lower to $4.3261/gal.

RBOB futures were trading down 3.4%, with the November contract sinking by 11.54cts to $3.2872/gal and December prices moving 8.4cts lower to $3.0889/gal.

If the declines hold, they will snap a two-day streak of solid gains for both crude and ULSD.

Prices are weakening after the G7 nations said they planned to release 100 million barrels from their stored reserves of diesel and crude over the next four months.

A statement from the group encouraged countries with significant refining capacity to boost production. It said member countries will also "coordinate maintenance schedules across G7 refineries to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible."

The move comes as U.S. President Donald Trump has been criticizing European leaders, saying they have not significantly tapped into their reserves to help address rising fuel costs amid the Iran war.

Prices are also being pressured by recent news of larger-than-expected oil shipments from the Middle East, even as uncertainty remains about the future of the ongoing Iranian conflict.

Petroleum prices had moved higher earlier in the week following reports the U.S. was sending a third aircraft carrier to the region, raising the possibility of an impending increase in fighting.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Steve Cronin, steven.cronin@dowjones.com; Editing by Dean Visser, dean.visser@dowjones.com

(END) Dow Jones Newswires

October 02, 2026 12:38 ET (16:38 GMT)