Key Events
Latest Updates
Oil futures rise as the EIA reports an unexpected 3.3 million barrel weekly draw in U.S. crude inventories and a fourth straight drop in gasoline stocks, while refinery runs edged up 0.1%.
Crude “is also bid on supply concerns, with sanctions on Iran and 25% tariffs on any country that takes barrels from Venezuela,” Mizuho’s Robert Yawger says in a note.
U.S. refiners are in no hurry to step up capacity use two months from the start of the driving season because they’re not getting paid to, Yawger adds.
Refining margins are below those of this time last year and “unlikely to spur the refiner to increase the run rate for size, especially with tariff demand destruction a distinct possibility next week.”
WTI settles up 0.9% at $69.65 a barrel, and Brent rises 1.1% to $73.79 a barrel.