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As of today, August WTI crude oil prices rose by $0.48 (+0.73%) while August RBOB gasoline prices decreased by $0.63 (-0.30%). Crude prices reached a 1-week high amidst renewed concerns about escalating tensions in the Middle East, especially after Iran ceased communications with the International Atomic Energy Agency (IAEA). However, a stronger U.S. dollar and a surprise increase in weekly EIA crude inventories limited gains.
The EIA report revealed an unexpected rise in crude inventories by 3.85 million barrels, contrasting with a forecasted decline of 2.7 million barrels. In addition, gasoline inventories grew by 4.19 million barrels, exceeding expectations of 900,000 barrels. Conversely, U.S. crude oil production remained stable at 13.433 million barrels per day, slightly below the record high of 13.631 million barrels per day reached in December 2022.
Additionally, a report from Vortexa indicated a decline of 8.7% in crude oil held globally on stationary tankers, dropping to 80.22 million barrels. As travel during the Fourth of July holiday is projected to hit a record 61.6 million people, gasoline demand appears robust, even as overall global economic data signals potential bearish trends.
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