WTI Extends Gains As US Crude Inventories Tumble To 6-Month Lows https://t.co/MgKWzMU3zj
US implied gasoline demand (product supplied) in mbpd - EIA #oott https://t.co/hBdeeXl28Z
ā U.S. GASOLINE FUTURES RISE AFTER EIA DATA SHOWED LARGER THAN EXPECTED GASOLINE STOCK DRAW

Oil prices experienced fluctuations following reports on U.S. crude oil inventories. An industry report initially indicated a build in U.S. crude stockpiles, contributing to a three-day decline in oil prices, with West Texas Intermediate (WTI) trading near $73 a barrel. However, subsequent data from the Energy Information Administration (EIA) revealed significant draws in crude inventories, with a decrease of 4.649 million barrels, surpassing the expected 2.2 million barrel draw. This unexpected draw led to a rise in U.S. and Brent crude oil futures, reaching session highs. Additionally, gasoline futures increased after EIA data showed a larger-than-expected stock draw of 1.606 million barrels. Distillates also saw a draw of 3.312 million barrels, and Cushing inventories decreased by 560,000 barrels.