EIA Expectations: Crude -0.6M, Distillate -1.0M, Gasoline -2.0M
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US EIA Gasoline Production Change (Mar/20) 0.309M (Prev. -0.462M)
Senior Iranian Official says Iran's initial response to the US proposal is "not positive" but Iran is still reviewing the proposal, Reuters reports
EIA Expectations: Crude -0.6M, Distillate -1.0M, Gasoline -2.0M
Maersk (MAERSKB DC) Chairman says the Co. is trying to bring cargo into the Gulf via other ways
Trump administration officials are working to arrange a meeting in Pakistan this weekend to discuss an off-ramp to the war in Iran, two senior administration officials tell CNN; officials cautioned that the timing of the expected trip is fluid
On the Newsquawk feed at , 20 minutes before this page.
- Crude: -0.6M, prev. 6.15M (Private +2.3M)
- Distillate: -1.0M, prev. -2.52M (Private +1.4M)
- Gasoline: -2.0M, prev. -5.43M (Private +0.5M)
- Cushing: prev. 0.944M (Private +4.0M)
- Refining: 0.3%, prev. 0.6%
- Production: prev. 13.668M
Context
The latest EIA figures indicate a decrease in crude, distillate, and gasoline inventories, which could suggest tightening supply conditions. The crude draw of 0.6M, although an improvement from the previous build, diverges significantly from private forecasts, which could lead to market volatility. Overall, this data could support higher oil prices as it signals potential supply constraints moving forward.
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