Refining margins widen as WTI settles near $96
WTI settled at $96.09 after trading between $93.59 and $98.82, while wider refining margins and LNG-equipment developments supported energy-sector results. Reliance showed futures long build-up, while ONGC saw short covering on 04 Nov.
pre-market1 source ↓machine-written, see hownot a recommendation
- ONGC close
- ₹235.00
- On the day
- +1.22%
- Futures OI, short covering
- -0.2%
- Put-call ratio
- 0.58
- Max pain
- ₹230.00
U.S. crude futures ended 04 Nov 2026 near the middle of a wide session range, with December WTI settling at $96.09 a barrel, down 37 cents. The contract traded between $93.59 and $98.82, while January Brent settled at $103.60, down $1.17. WTI was later quoted at $96.56 at 2:25 a.m. ET on 05 Nov, up 47 cents. WTI settled at $96.09 ⚡
The report said wider refining margins and third-quarter developments across Appalachian gas fields, pipelines, refineries, LNG equipment and Canadian oil sands were feeding into company results. It explicitly identified EQT Corporation among the companies with current developments, although the article did not disclose a specific order value or identify an Indian listed company. The new version therefore adds company-level context but does not change the core crude-market figures.
For Indian energy names, OI Charts data showed a mixed response on 04 Nov. Reliance closed at ₹1,311, up 0.2%, after gaining 13.2% over five sessions and 12.3% over 20 sessions. Its futures open interest rose 0.3% in a long build-up, with the contract at a 0.43% premium to spot. The options put-call ratio was 0.83, with max pain at ₹1,250, the largest call open interest at ₹1,300 and the largest put open interest at ₹1,200. Long build-up in futures showed stronger derivatives positioning alongside the price advance.
ONGC closed at ₹235, up 1.2%, and gained 4.5% over five sessions and 5.7% over 20 sessions. Its futures open interest fell 0.2% in short covering, while the contract traded at a 0.04% discount. Its put-call ratio was 0.58, with max pain at ₹230, the largest call open interest at ₹240 and the largest put open interest at ₹220.
Traders will watch subsequent crude settlements, refining-margin indicators and further quarterly disclosures for evidence that the improved margins and LNG-related activity are persisting. The ₹1,300 and ₹1,200 options walls for Reliance, and ₹240 and ₹220 for ONGC, remain the key positioning zones for the 23 Nov 2026 expiry. 🛢️
Source: news.google.com and Morningstar, 04 Nov 2026.
Not investment advice. For informational purposes only.