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EnergyNow Morning Oil Price Report
Report Date & Time: September 29, 2026 – 5:39 a.m. MDT – Using Trading View Prices
Summary
- WTI crude is approximately US$91.58 per barrel, down US$1.02, or 1.10%, from Monday’s official US$92.60 settlement. The U.S. benchmark is clearly lower this morning. TradingView
- Brent crude is approximately US$100.99 per barrel on the current continuous/front-month display. The Brent benchmark has rolled to the December 2026 contract; its comparable Monday close was approximately US$97.83, putting it about US$3.16, or 3.23%, higher. Monday’s widely reported $105.28 Brent settlement was the expiring November contract and should not be used for this comparison. TradingView
- Oil remains caught between persistent Middle East supply risk and recovering Gulf exports. Regional crude exports have risen to about 12.8 million barrels per day, but shipping remains less efficient than before the conflict and U.S.-Iran diplomacy has not produced an agreement.
Latest Oil Prices
At approximately 5:39 a.m. MDT Tuesday, WTI was around US$91.58 per barrel, versus Monday’s $92.60 settlement. That represents a decline of US$1.02, or 1.10%. TradingView
Brent was approximately US$100.99 per barrel. Importantly, the current Brent benchmark has rolled from the November contract into December 2026. The December contract’s published Monday close was about US$97.83, implying a gain of approximately US$3.16, or 3.23%. TradingView
This rollover explains the discrepancy in the earlier report. Reuters’ Tuesday market story was still quoting the November Brent contract near US$105.04, against Monday’s $105.28 November settlement. That remains valid for November Brent, but it is not the same contract now displayed as the current continuous benchmark. Reuters
WTI remains on the November contract, so there is no comparable WTI rollover issue this morning.
Why Oil Is Moving
Middle East supply remains the primary international driver.
Exports from major regional producers increased to approximately 12.8 million bpd in September, their highest level since February, led by improving Saudi Arabian and UAE shipments. That recovery is helping prevent another severe crude-price spike. Reuters
However, the supply system remains disrupted. Producers are relying partly on more expensive and inefficient measures such as ship-to-ship transfers, while flows through the Strait of Hormuz remain below pre-conflict levels. That continuing physical-market stress is supporting international crude prices.
Diplomacy is providing little clarity. U.S. and Iranian officials continue separate contacts through mediators, but no settlement has been announced. President Donald Trump also disputed reports that Washington had offered sanctions relief to Iran as part of negotiations.
Key Market Risks or Catalysts
U.S. inventories are the next important data point. A Reuters poll indicates American crude and gasoline stocks likely declined last week, while distillate inventories were expected to be roughly unchanged. A larger-than-expected crude draw could support WTI.
Diesel remains another major risk. The United States is considering regulatory changes permitting broader sales of red-dyed diesel, an alternative being examined as policymakers address elevated fuel prices without restricting exports.
The Strait of Hormuz remains the most important geopolitical variable. Further normalization of shipping would reduce the international supply premium; renewed disruptions would have the opposite effect.
Bottom Line
The corrected price picture shows a significantly different Brent market than the previous report suggested.
WTI is around $91.58 and lower on the day, while the current Brent benchmark is around $100.99.
The key technical issue is Brent’s contract rollover. The current December quote should be compared with the December contract’s previous close near $97.83 — not with Monday’s $105.28 November settlement.
For EnergyNow reports going forward, I will use the current continuous/front-month benchmark displayed at report time and match the day-over-day comparison to the same contract month.
Western Canadian Select (WCS)
The latest publicly available Canadian heavy-oil market update for September 28 showed WCS at approximately US$67.06 per barrel, with a US$20.75-per-barrel discount to its corresponding WTI reference. That implies a comparable WTI value of about US$87.81 per barrel.
On September 25, the same market series showed WCS at US$68.90 with a US$21.00 discount, implying a comparable WTI reference near $89.90. The WCS differential therefore narrowed by US$0.25 per barrel between the two trading days.
These WCS figures use a physical-market pricing reference that is different from the November NYMEX WTI futures quote of $91.58. The $20.75 differential should therefore be used as the relevant WCS spread rather than subtracting Monday’s WCS price from Tuesday morning’s futures quote.
Who Watches the WCS Price
Oil sands producers realize WCS-linked prices on unhedged production, and their capital plans key off the differential outlook. US Midwest and Gulf Coast refiners with coking capacity buy WCS as feedstock and treat the differential as their margin opportunity. The Alberta government forecasts royalty and tax revenue directly off WCS — a one-dollar move in the differential is worth hundreds of millions of dollars to the provincial budget over a fiscal year. And diluent demand links WCS volumes back to condensate markets.
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