US cash crude grades steady as traders watch peace talks, WTI/Brent spread narrows
USO•U.S. crude grades were little changed as traders watched U.S.-Iran peace talks, and the Brent-WTI spread narrowed to minus $12.40. U.S. crude inventories rose 922,000 barrels to 427.3 million barrels in the week ended September 25, against expectations for a 264,000-barrel draw.
1. Crude grades steady
U.S. crude grades were little changed on Wednesday as traders monitored U.S.-Iran peace talks and the spread between West Texas Intermediate and Brent crude narrowed. The Brent-WTI spread narrowed 81 cents to minus $12.40; Brent futures settled at $103.53 a barrel and WTI at $90.42.
2. Inventories and outlook
U.S. crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, the EIA said, compared with analysts' expectations for a 264,000-barrel draw. A Dallas Fed survey found producers in Texas, Louisiana and New Mexico expected WTI to average $88 a barrel, up from their $81 forecast last quarter. A survey of 30 economists and analysts forecast 2026 averages of $89.05 for Brent and $83.90 for U.S. crude.
3. OPEC+ targets
Two sources said OPEC+ countries were likely to keep November production targets steady when they meet on Sunday. Iran said it had received a U.S. response to its latest proposal to revive the collapsed Gulf ceasefire.
