Highlights US crude stocks expected down 500,000 barrels WTI backwardation hits three-month high Gas-to-oil switching supports diesel demand Crude oil futures settled at fresh highs Oct. 11 as the market eyed ever-tightening supply outlooks driven in part by surging global natural gas pricing.  NYMEX November WTI settled $1.17 higher at $80.52/b and ICE December Brent climbed $1.26 to $83.65/b. “Energy crisis uncertainty will likely keep crude prices heading higher until the oil market seems likely it is heading towards balance, OANDA senior market analyst Ed Moya said in a note. “The natural gas shortage is not going away anytime soon and that will keep providing additional demand for crude.” NYMEX November RBOB settled up 1.17 cents to $2.3779/gal and November ULSD moved 4.13 cents higher to $2.5150/gal. Total US commercial crude stocks likely declined 500,000 barrels to […]