PBF Energy said freight dynamics and rising heavy-crude supply have widened the light-heavy crude spread.

A Fed‑watched inflation gauge accelerated in September, keeping price pressures elevated less than a week before U.S. midterm elections. The U.S. Commerce Department said consumer prices rose 3.6% YoY in September versus 3.4% in August; prices rose 0.5% MoM, up from 0.3% in August and the largest monthly gain since May. Core inflation, excluding volatile energy and food, also accelerated. Higher oil and gasoline after the Iran conflict have worsened annual inflation; U.S. crude remains above $100/bbl versus under $70 pre‑conflict and the national average gasoline price is about $4.25/gal. Polls show the inflation rebound has left most voters dissatisfied with the economy and Trump’s handling of living costs; Trump has pledged during his 2024 campaign to lower prices, including gasoline below $2/gal.

ECB President Lagarde said the ECB will continue to operate with full continuity.