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BREAKING 🚨 US oil just broke below $90 a barrel

WTI crude is down nearly 7% today to about $89.60, its first move under $90 since October 7

Brent is down more than 7% to about $95.70, its lowest level since early September

That's a 14% drop for WTI and a 19% drop for Brent in just 3 trading sessions since the October 30 high

The selloff came after Democrats flipped the House and Senate, and VP JD Vance wrote on X that "The reason we lost is the war," calling for an end to the Iran conflict

Energy stocks are getting hit too, with $ExxonMobil(XOM.US) -5%, $Occidental Petroleum(OXY.US) -6% and $Chevron(CVX.US) -4%

The market is pricing the end of the war premium before any deal is signed. If it holds, cheaper gas could cool inflation fast, which is exactly what the Fed has been waiting for

Source: StockMarket.News

US diesel stockpiles just fell below 100 million barrels for the first time since 2003

The EIA says distillate inventories dropped 3.6 million barrels last week to 99.3 million, the lowest level in more than 23 years

That's a much bigger draw than the 1.5 million barrels pulled the week before, and it lands right as the heating season starts

The Strategic Petroleum Reserve also slipped another 0.4 million barrels to 282.2 million, its lowest since 1982

Crude inventories fell 0.9 million barrels to 409.8 million while gasoline dipped 0.2 million

This matters for $ExxonMobil(XOM.US), $Chevron(CVX.US), $Valero Energy Corp New(VLO.US) and $Marathon Petroleum(MPC.US), because diesel runs trucks, trains, farms and factories, so tight supply feeds straight into shipping and food costs

Oil has dropped below $93 over the last 4 days, but the fuel the real economy actually burns is getting scarcer, and that gap won't stay quiet once winter demand shows up

Source: StockMarket.News