As of January 9, February WTI crude oil is up 3.07% at $61.08 per barrel, reaching a 2.25-month high, while February RBOB gasoline has risen 2.35% to $1.84 per gallon. These price increases are attributed to heightened tensions in Iran, where protests against government policies have resulted in hundreds of fatalities, raising concerns about disruptions to the country’s crude production of over 3 million barrels per day.
Drone attacks affecting the Caspian Pipeline Consortium terminal have also contributed to supply concerns, with loadings reduced by nearly 50% to approximately 900,000 barrels per day. Additionally, Citigroup forecasts an influx of $2.2 billion into oil futures contracts this week due to the annual rebalancing of major commodity indexes, further supporting crude prices.
In the U.S., crude oil inventories as of January 2 were reported at 4.1% below the seasonal five-year average, while crude production fell by 0.1% week-over-week to 13.811 million barrels per day. The Baker Hughes report indicates a decrease in active U.S. oil rigs, with the count dropping by three to 409, just above a 4.25-year low.
