Trump claims India will stop buying Russian oil
October 16, 2025
The story remains the same: the market is concerned about the increased tension between the US and China, trade, and potential tariffs, and how these might impact our economy.
President Trump claimed that India’s Prime Minister Modi had pledged to stop buying Russian crude oil. This has not been confirmed by Indian officials but was a surprise to the market and offers some support here near term.
The API yesterday reported its weekly inventory estimates and called crude oil up a big 7.4 million barrels, gasoline up 3 million barrels, and distillates down 4.8 million.
The estimates for the propane inventory report are that inventories will increase 670,000 barrels.
The average estimate for the DOE report from the Bloomberg survey is for crude to be up 130,000 barrels, gasoline down 664,000 barrels., and distillates down 941,000 barrels.