Brent slips as Russia sanctions waiver raises supply outlook
Brent crude fell 1.3% to US$108.43 a barrel after a US waiver of key Russia sanctions raised expectations of higher fuel exports. Indian energy stocks showed mixed derivatives positioning ahead of the move.
pre-market1 source ↓machine-written, see hownot a recommendation
- BPCL close
- ₹293.50
- On the day
- -0.07%
- Futures OI, long unwinding
- -0.0%
- Put-call ratio
- 0.76
- Max pain
- ₹300.00
Brent crude fell 1.3% in early Asian trading on 19 Oct 2026 after the US decision to waive key Russia-related sanctions and tariffs increased the prospect of higher Russian fuel exports. Brent futures declined US$1.43 to US$108.43 a barrel by 6:40am Thai time, while West Texas Intermediate fell 0.52% to US$100.88. The move followed Brent’s rise to nearly US$110 on 16 Oct, its highest level since May, as Middle East security risks raised concerns over shipping and global supply.
The waiver changes the immediate supply narrative for energy markets ⚡. Any improvement in Russia’s ability to export fuel could ease some pressure on available barrels, although the market remains sensitive to implementation details, shipping risks and the continuing geopolitical situation. Lower crude prices can reduce input-cost pressure for fuel marketing companies, while weaker oil prices may weigh on upstream earnings and the value of inventory held across the energy chain.
OI Charts data from 16 Oct showed mixed positioning in Indian energy stocks ahead of the crude move. Bharat Petroleum closed at ₹293.50, down 0.1% on the day, after a 2.0% gain over five sessions and a 4.4% decline over 20 sessions. Its futures showed long unwinding, with open interest broadly flat; the ₹300 strike carried the largest call and put open interest, while max pain was ₹300 for the 27 Oct expiry.
Indian Oil rose 1.2% to ₹130.38 on 16 Oct and gained 3.2% over five sessions, although it remained down 2.9% over 20 sessions. Its futures showed short covering, with the largest call open interest at ₹135, the largest put open interest at ₹125 and max pain at ₹132.50. Reliance Industries fell 0.3% to ₹1,211, while futures open interest increased 1.9% in a short build-up. Its largest open-interest levels were ₹1,250 on calls and ₹1,160 on puts, with max pain at ₹1,210.
Traders will watch whether Brent holds above US$100, whether Russian exports actually increase, and how the 27 Oct derivatives expiry influences positioning. The next market signal is likely to come from verified export flows, shipping developments and any further US measures affecting Russian energy trade.
Source: Nation Thailand, 19 Oct 2026
Not investment advice. For informational purposes only.