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Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Oil Inches Higher on Fuel Inventory Draws

Refinery

Crude oil prices moved higher today, after the Energy Information Administration reported estimated inventory draws across fuels.

In crude, the EIA reported a build of 1.4 million barrels for the week to March 1.

The EIA also estimated draws of over 4 million barrels each in gasoline and middle distillate stocks.

The crude oil build compared with another, of 4.2 million barrels, for the previous week, which was accompanied by a draw across fuels. It also compared with an estimated crude inventory increase of a modest 423,000 barrels for the week to March 1, as reported by the American Petroleum Institute.

In gasoline, the authority estimated inventories had shed 4.5 million barrels in the last week of February, which compared with a draw of 2.8 million barrels for the previous week.

Gasoline production last week averaged 9.6 million barrels daily, per the EIA, which compared with 9.4 million barrels daily a week earlier.

In middle distillates, the EIA reported an inventory draw of 4.1 million barrels for the week to March 1, which compared with a draw of half a million barrels for the previous week.

Middle distillate production averaged 4.3 million barrels daily last week, virtually unchanged on the previous week.

Oil prices, meanwhile, ticked higher earlier today as traders focused on the implications of the latest OPEC+ meeting taking a break from their fixation on Chinese economic activity and demand in the United States. This happened even as China earlier this week announced new measures to stimulate stronger growth that fell short of expectations.

"The market wanted more details on how China intends to achieve its 5% growth target for 2024 and specifically was hoping to see further fiscal expansion to help meet the growth target," IG market analyst Tony Sycamore told Reuters.

Despite that lack of details, prices rose as the fact that OPEC+ will continue to withhold 2.2 million bpd from the global market for another three months sank in. ANZ analyst Daniel Hynes told Reuters that there are signs the oil market is tightening and that the cuts are "slowly making their way through the market."

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By Irina Slav for Oilprice.com

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