WTI Pullback Highlights Oil Volatility and Refining Signals
November WTI futures fell to $102.75 after reaching $110.48, while December Brent retreated to $108.31. OI Charts data showed BPCL in long build-up and IOC in short build-up ahead of their 27 Oct derivatives expiry.
after close1 source ↓machine-written, see hownot a recommendation
- BPCL close
- ₹294.30
- On the day
- +0.27%
- Futures OI, long build-up
- +1.8%
- Put-call ratio
- 0.78
- Max pain
- ₹300.00
November West Texas Intermediate futures fell to $102.75 a barrel on 20 Oct 2026 after reaching $110.48 during the session, marking a sharp reversal in an oil market closely watched for its inflation implications. The November contract was down 0.9% at the later quote, while December WTI traded at $97.50, down 1%. The gap between the two contract months remained substantial as the November contract approached expiry. December Brent futures also retreated to $108.31 after touching $111.99, with attacks on commercial vessels in the Strait of Hormuz, strikes against Saudi Arabia and diplomatic developments involving the United States and Iran shaping the session.
For Indian refiners, the move creates a mixed derivatives signal rather than a uniform sector direction. OI Charts data for 19 Oct showed BPCL at ₹294.30, up 0.3%, with futures open interest rising 1.8% in a long build-up. Its put-call ratio was 0.78, with the largest call open interest at ₹300 and the largest put open interest at ₹290. The stock had gained 3.4% over five sessions but remained down 6.3% over 20 sessions. ₹300 call wall and the ₹300 max-pain level mark the immediate options reference area, while ₹290 is the key put-open-interest level.
IOC presented a softer positioning backdrop. OI Charts data showed the stock at ₹130.25 on 19 Oct, down 0.1%, while futures open interest increased 1.0% in a short build-up. Its put-call ratio stood at 0.80, max pain was ₹132.50, and the largest call and put open interest were at ₹135 and ₹125 respectively. IOC had risen 3.9% over five sessions but declined 4.9% over 20 sessions. Short build-up in futures keeps ₹125 and ₹135 as the main downside and upside positioning markers.
The next focus is the November WTI expiry on 20 Oct and the 27 Oct derivatives expiry for the two Indian refiners, which had eight sessions remaining in the OI Charts read. Traders will watch whether geopolitical supply risks sustain the premium in the expiring contract or whether the spread narrows toward December pricing. Changes in crude, currency and refining margins will determine whether the divergent BPCL and IOC positioning persists.
Source: TOKENPOST, 20 Oct 2026
Not investment advice. For informational purposes only.