Today's oil price on Saturday, October 3, 2026, is at a level that could change the direction of the global oil market at the start of the week. The price of Brent oil is recorded at $102.25 and Texas crude oil at $91.11 at the end of trading. This situation indicates downward pressure on fuel products while supply constraints in the refining sector continue to support prices.
Impact of Global Rates on Prices
Energy product rates, including gasoline and diesel, have been recorded in global energy indices. Global gasoline is priced at $3.2687 and diesel at $1,475.1. Additionally, ethanol is traded in the global market at a rate of $2.0225 per gallon. Under these conditions, the price of methanol has reached $3,850 per ton.
Brent, with a nearly $11 gap from Texas oil, indicates the high market value for seaborne oil, especially oil that is subject to supply risks in the Middle East. On the other hand, the agreement among G7 countries to release emergency fuel and oil reserves has created new pressure on prices. This decision pertains to the release of diesel reserves, which could impact the product market.
Supply and Demand Situation
Currently, the situation for crude oil has not fully normalized. Although Middle Eastern export flows have improved, the refining product market still faces constraints. Refining capacity in some areas has been affected, and this difference between crude oil supply and products has caused the decline in crude oil prices to be more limited than expected.
For the global market, the figure of $102.25 for Brent is recognized as a critical threshold. Brent staying above $100 indicates the retention of some supply risk in prices. If there is a sustained drop below this threshold, the market may change its outlook, but a return of prices towards $105 could increase traders' sensitivity to supply shortages.
The situation for WTI, priced at $91.11, is also of high importance, but the behavior of this index is more dependent on North American market conditions. Therefore, for a general assessment of oil prices in the global market, Brent provides a more direct picture of international supply risk.
Ultimately, the release of diesel reserves is likely to first impact the product market. If product supply increases, refinery margins may decrease, and some of the upward pressure on crude oil may be alleviated. However, continued export constraints on products or disruptions in refineries could widen the price gap between products and crude oil.
