COMMENTARY: Asia's crude oil imports back to pre-war levels but refined fuels lag
Published . Updated .
This report is about oil and defense. Names like XOM typically gain because exxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund+13.9% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- XLE Energy Select Sector SPDR+12.1% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story.
- ITA iShares U.S. Aerospace & Defense ETF-3.0% 30d
iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story.
- BWET Breakwave Tanker Shipping ETF-3.3% 17d
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “oil” (tanker shipping) in this story.
- AAXJ iShares MSCI All Country Asia ex Japan ETF-6.5% 16d
iShares MSCI All Country Asia ex Japan ETF holds stocks listed in Asia, which this story is about (“asia”).
- XOM ExxonMobil Holdings+13.4% 16d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- CVX Chevron+15.7% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- SHEL Shell+0.1% 13d
Shell (crude petroleum and natural gas): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USONo price data for this ticker | — | — | — | — | — | — | — |
| XLENo price data for this ticker | — | — | — | — | — | — | — |
| ITA | -1.26% | -0.97% | base | after close | after close | after close | after close |
| BWETNo price data for this ticker | — | — | — | — | — | — | — |
| AAXJNo price data for this ticker | — | — | — | — | — | — | — |
| XOM | -1.45% | -2.77% | base | after close | after close | after close | after close |
| CVX | -1.54% | -2.69% | base | after close | after close | after close | after close |
| SHELNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Market Call
Think this story will push the stock up or down over the next three trading days? Make a free call and see what other readers think. Points are play money with no cash value.
COMMENTARY: Asia's crude oil imports back to pre-war levels but refined fuels lag Reuters
Source: Reuters
Price since this story was published: United States Oil Fund (USO)
| Company | When | Move | Status |
|---|---|---|---|
| Chevron (CVX) | three days earlier | -2.69% | final price |
| Chevron (CVX) | five days earlier | -1.54% | final price |
| IShares U.S. Aerospace & Defense ETF (ITA) | three days earlier | -0.97% | final price |
| IShares U.S. Aerospace & Defense ETF (ITA) | five days earlier | -1.26% | final price |
| ExxonMobil Holdings (XOM) | three days earlier | -2.77% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | -1.45% | final price |
Congressional trades in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 19 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 63 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 19 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 40 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 61 days before publication. Filed 7 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around United States Oil Fund (USO)
The side that tends to collect
- XOM ExxonMobil Holdings
For “COMMENTARY: Asia's crude oil imports back to pre-war levels but refined fuels lag,” ExxonMobil Holdings (XOM) tends to benefit, medium confidence. Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
No up or down call on file
- USO United States Oil Fund
For “COMMENTARY: Asia's crude oil imports back to pre-war levels but refined fuels lag,” United States Oil Fund (USO) is linked, with no stored direction, medium confidence. Reason on file: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
- XLE Select Sector Spdr Tr
For “COMMENTARY: Asia's crude oil imports back to pre-war levels but refined fuels lag,” Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence. Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
- ITA IShares U.S. Aerospace & Defense ETF
IShares U.S. Aerospace & Defense ETF (ITA) is linked, with no stored direction, medium confidence in the 2 Nov 2026 story “COMMENTARY: Asia's crude oil imports back to pre-war levels but refined fuels lag.” Reason on file: iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story
- BWET Amplify Commodity Trust
Amplify Commodity Trust (BWET) is linked, with no stored direction, medium confidence in the 2 Nov 2026 story “COMMENTARY: Asia's crude oil imports back to pre-war levels but refined fuels lag.” Reason on file: Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “oil” (tanker shipping) in this story
United States Oil Fund (USO) and the energy link
“COMMENTARY: Asia's crude oil imports back to pre-war levels but refined fuels lag” (2 Nov 2026) reaches United States Oil Fund (USO) through Energy.
What ties United States Oil Fund (USO) to the headline is this: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
A second company, Select Sector Spdr Tr (XLE), is listed for a different reason: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
Dates in the story, and the United States Oil Fund (USO) price range
ITA traded between 197.59 and 215.76 across 20 sessions. The latest close on file is 209.72. USO traded between 141.82 and 171.80 across 20 sessions. The latest close on file is 168.83. XLE traded between 62.06 and 70.15 across 20 sessions. The latest close on file is 70.00.
How strong the case is around United States Oil Fund (USO)
46 out of 100
“COMMENTARY: Asia's crude oil imports back to pre-war levels but refined fuels lag” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.