Stock market today: Dow, S&P 500, Nasdaq falter amid worries over frothy valuations

Russian crude shipments fell by the widest margin seen since January 2024 over the past month, according to vessel-tracking data from Bloomberg, as US sanctions have begun to show their effect.

Four-week average volumes of crude oil shipped from Russia’s ports tallied 3.58 million barrels per day for the period ended November 2, down by 190,000 barrels per day from the period ended October 26. The amount of Russian crude stuck at sea, with no refinery to purchase the shipments, has risen by 8% since the start of September, according to Bloomberg data.

On a weekly basis, the value of exports for the week ended November 2 fell by 27% from the week ended October 26.

Prices for Brent crude oil (BZ=F), the global benchmark, fell by 1.2% Tuesday morning, while the US benchmark West Texas Intermediate (WTI) crude (CL=F) fell by more than 1.3%.

Sanctions levied by the US Treasury Department against Russia’s four largest crude producers over the past year contain punishing measures for companies seen doing business with the Russian entities, ranging from fines to a cutoff from the US financial system.

China, India, and Turkey purchase a combined 95% of seaborne cargos of Russian crude, but refineries in all three countries have been documented pausing their buying in recent weeks, forcing a buildup on Moscow’s end.

In India, three refiners that through the first half of the year were buying close to one million barrels per day of Russian crude have halted their purchases, according to Bloomberg reporting. In China, purchase cancelations from two major state-owned refiners are expected to affect as much as 45% of China’s imports of Russian barrels.

India is likely to be especially attuned to the Treasury’s directives, as the Trump administration recently levied an additional 25% tariff on Indian goods, bringing the tariff rate on India up to 50%, over the country’s purchase and resale of Russian oil.