October opened with high crude prices before a coordinated policy announcement shifted sentiment. Reuters, AP and the G7 statement confirm that G7 members agreed on October 2 to release 100 million barrels of diesel and crude oil products over four months and refrain from energy export restrictions among members.
| Date | NYMEX | ICE Brent | China INE |
|---|---|---|---|
| Oct 1 | Nov $92.87, +$2.45 (+2.71%) | Dec $102.31, +$4.28 (+4.37%) | Closed for China’s National Day holiday |
| Oct 2 | Nov $91.11, -$1.76 (-1.90%) | Dec $102.25, -$0.06 (-0.06%) | Closed for China’s National Day holiday |
Base oil buying context
An emergency reserve release can influence crude and fuel expectations, but its effect on base oils depends on refinery configuration, run rates, feedstock economics and regional inventories. China-origin Group I, Group II, white oil and lubricant raw-material quotations also depend on FX, freight, packaging, grade and commercial terms. The China Base Oil Price page is an indicative reference, not a guaranteed transaction price.
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Research references
– Reuters reporting on the June 28 ceasefire and renewed US-Iran talks. – AP and Reuters reporting on July shipping attacks and renewed hostilities. – Reuters and AP reporting on August Hormuz negotiations. – U.S. EIA Short-Term Energy Outlook, August 2026. – G7 Leaders’ Statement on Global Energy Security and Market Stability, October 2, 2026. – Reuters and AP reporting on the G7 emergency stock release, October 2, 2026.