US Private Inventory Data (bbls): Crude +2.3mln (exp. -1.4mln), Distillate +1.4mln (exp. -1.4mln), Gasoline +0.5mln (exp. -1.9mln), Cushing +4.0mln
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Chile Central Bank maintains benchmark interest rate at 4.50%, as expected, with the decision unanimous
Korea (Republic of) Consumer Confidence (Mar) 107.0 (Prev. 112.1)
US Private Inventory Data (bbls): Crude +2.3mln (exp. -1.4mln), Distillate +1.4mln (exp. -1.4mln), Gasoline +0.5mln (exp. -1.9mln), Cushing +4.0mln
US is said to have sent Iran a plan to end the Middle East war, according to NYT
French President Macron said he spoke with Iranian President Pezeshkian and called on Iran to engage in good faith negotiations
On the Newsquawk feed at , 20 minutes before this page.
Context
The data shows a substantial increase in US crude inventories, which sharply contrasts with expectations for a decline. This significant build could weigh on oil prices, as it suggests weaker demand or excess supply, and may shift market sentiment regarding future pricing, particularly for WTI and Brent. Additionally, the builds in distillate and gasoline inventories further reinforce an oversupplied energy market narrative.
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