Rate Cuts, Surging Inventories, and What’s Holding Oil Back

With the Fed delivering a 25-point rate cut and signaling more ahead, hosts Alex Hodes and Trevor McClanahan unpack how monetary policy is shaping the energy market’s near-term direction. In this episode of Focus on Fuels, they break down rising diesel inventories, sluggish U.S. crude production, and why refined products – not crude – are leading price action right now.

The conversation spans:

Market response to Fed cuts and soft labor data

Oil supply surplus expectations for late 2025

Impact of unwinding OPEC+ cuts and China’s stockpiling

Ukraine’s refinery strikes and shifting Russian diesel exports

IEA’s updated decline-rate analysis and long-term shale challenges

Trevor and Alex also share their short and long-term outlooks along with a preview of the upcoming StoneX Q4 Energy Market Outlook webinar.