WTI crude oil prices dropped by 0.61 to $74.42 per barrel on September 1, 2023, marking a three-week low as optimism builds around a potential deal between the US and Iran to reopen the Strait of Hormuz. Meanwhile, RBOB gasoline prices rose by 0.0130 to $2.8420 per gallon, recovering from earlier losses after gasoline inventories fell to an 8.5-month low.
The Energy Information Administration (EIA) reported a surprising increase of 2.48 million barrels in US crude inventories, counter to expectations of a decrease, while gasoline inventories saw a decline of 1.6 million barrels. US crude production slightly increased by 0.1% to 13.804 million barrels per day as of July 31, just below the record high of 13.862 million barrels recorded in November 2022.
OPEC’s July crude production rose by 1.16 million barrels per day to 19.44 million barrels, indicating a full restoration of their earlier production cuts. As OPEC+ plans to keep output steady, pressures on crude prices may continue amid geopolitical tensions and higher Russian crude exports, which have risen above 4 million barrels per day.
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