The US Department of Energy authorized an emergency crude drawdown from the Strategic Petroleum Reserve to support a Louisiana refinery, while Russian diesel shipments headed for Atlantic markets. Meanwhile, attacks on Ukrainian power infrastructure triggered widespread blackouts in Crimea.
Global market
The US Department of Energy authorized an emergency exchange of up to 400,000 barrels from the Strategic Petroleum Reserve to Phillips 66’s Lake Charles refinery following crude delivery disruptions, as Brent oil exceeded $117 per barrel. The SPR reserve has dropped to its lowest level since 1982. Concurrently, US Commodity Futures Trading Commission Chairman Michael Selig confirmed an investigation into the sale of 6 million barrels of crude futures within two minutes preceding major geopolitical announcements. In domestic production, the active US oil rig count rose by one to 460, bringing total operating rigs to 603, according to Baker Hughes data.
Russia & CIS
Russian Deputy Prime Minister Alexander Novak announced that three tankers carrying Russian diesel are en route to the US, with Russia prepared to export 500,000 metric tons of diesel in October, primarily supplied by Rosneft. However, US lawmakers introduced legislation in Congress to cancel OFAC general licenses for Russian energy imports. In regional energy security, Sevostopol Governor Mikhail Razvozhayev confirmed a total blackout in Crimea caused by strikes on power infrastructure. In domestic distribution, Ryazan Region Governor Pavel Malkov abolished vehicle plate rationing for gasoline sales, effective October 24.
Armenia
Armenian officials have not yet held consultations with Russia regarding the recent EAEU report, maintaining focus on domestic energy stability. In regional developments, experts warned that Caspian Sea shallowing threatens Azerbaijani offshore oil and gas infrastructure. Despite crude prices surpassing $117 per barrel and US-bound Russian fuel shipments, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct gas imports from Russia and generation at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU framework agreements, insulating the domestic market from volatility reported in international market price assessments.