As of today, August WTI crude oil is up 0.57% to $82.96 per barrel, while August RBOB gasoline increased by 0.72% to $249.79 per gallon. This rise is supported by a decline in the dollar index to a one-month low and an unexpected drop in U.S. crude inventories reported by the EIA, which fell by 4.4% below the five-year seasonal average.
However, the International Energy Agency’s (IEA) report indicated that global crude consumption grew by only 710,000 bpd in Q2, the smallest increase since late 2022. Additionally, Russia’s crude exports fell to 2.67 million bpd, a decrease of 990,000 bpd, the lowest level in over five months. In contrast, Russian crude production averaged 9.078 million bpd in June, surpassing its agreed target of 9.049 million bpd.
In the U.S., active oil rigs remain at a two-and-a-half-year low of 479 rigs, a significant drop from 627 rigs in December 2022. U.S. crude production matched a record high of 13.3 million bpd for the week ending July 5.
