Oil & Gas

Today, crude oil prices rose after the Energy Information Administration (EIA) reported estimated inventory draws across fuels. Here's a breakdown of the key points from the EIA's report:

1. Crude Oil: The EIA reported a build of 1.4 million barrels for the week ending March 1, compared to a build of 4.2 million barrels the previous week and an estimated crude inventory increase of 423,000 barrels reported by the American Petroleum Institute.

2. Gasoline: The EIA estimated that gasoline inventories had shed 4.5 million barrels in the last week of February, compared to a draw of 2.8 million barrels the previous week. Gasoline production averaged 9.6 million barrels daily, up from 9.4 million barrels daily the previous week.

3. Middle Distillates: The EIA reported an inventory draw of 4.1 million barrels for the week ending March 1, compared to a draw of half a million barrels the previous week. Middle distillate production averaged 4.3 million barrels daily, unchanged from the previous week.

Oil prices rose earlier in the day as traders focused on the implications of the latest OPEC+ meeting, which decided to continue withholding 2.2 million barrels per day from the global market for another three months. This news overshadowed concerns about Chinese economic activity and demand in the United States. Despite China's announcement of new measures to stimulate growth falling short of expectations, analysts believe that the oil market is tightening and that the production cuts are having an impact.