Refined product prices rallied on Wednesday, although at settlement time prices had backed off levels achieved earlier in the trading session. ULS Diesel futures for October delivery rose 1.21 cpg to finish at $2.9731, while prices for October delivery of unleaded fuel rose 1.37 cpg to $2.6729. The DOE’s weekly inventory report showed gasoline inventories up 200,000 barrels for the week ended 9/20, while total distillate inventories were down 200,000 barrels. Compared to their 5-year average range, gasoline inventories are high, while distillate stocks are low. For the second time this week WTI crude prices finished opposite their refined brethren, closing at $102.66 per barrel – the lowest crude pricing we’ve seen for 12 weeks. The DOE reported that crude inventories were up 2.6 million barrels last week, surprising the market, and leaving crude stockpiles near the upper end of their 5-year range. Iran’s newly elected leader is in New York to visit the UN, and has been giving indications that he is prepared for a shift in Iran’s stance on nuclear negotiations with the West. Despite this apparently good news, the oil markets so far this morning are once again attempting a rally.