April WTI crude oil closed up 0.11% at $XX on March 13, 2023, while April RBOB gasoline fell 0.80%. Prices initially surged due to escalating tensions in the Iran conflict, with Iran threatening attacks on Middle Eastern energy infrastructure in retaliation for U.S. and Israeli strikes. However, crude oil prices fell back after Saudi Arabia announced it would increase exports by rerouting oil through a pipeline to Yanbu, averaging 4.19 million barrels per day over the past five days.
The EIA reported a surprise increase in U.S. crude inventories, rising by 6.16 million barrels, reaching the highest level in 1.75 years, against expectations of a decrease. In contrast, gasoline stocks declined by 5.4 million barrels, exceeding expectations. U.S. crude oil production dipped slightly to 13.668 million bpd, while the number of active U.S. oil rigs rose by one to 412.
