Oil slightly up amid Iran tensions and US EIA inventories report

EIA data showed a stronger-than-expected decline in fuel inventories in the US, although crude oil inventories increased more than forecast. Gasoline stocks in particular fell significantly more than the market had expected.

Crude oil inventories: 3.824 million barrels (forecast: 2.5 million, previous: 3.475 million)
Gasoline inventories: -3.654 million barrels (forecast: -2 million, previous: -1.704 million)
Distillate inventories: -1.349 million barrels (forecast: -0.947 million, previous: 0.429 million)
Cushing crude inventories: 0.117 million barrels (previous: 1.564 million)

Iran also reiterated today that shipping through the Strait of Hormuz remains closed to vessels linked to the US, Israel, and their allied countries, including those providing airspace access to American aircraft. So far, more than 10 vessels have been attacked in the strait since February 28, confirming that shipping in the area remains dangerous.

On the other hand, oil pipeline infrastructure bypassing the Strait of Hormuz currently has a capacity of around 9 million barrels per day, while the Yanbu port can handle about 4.5 million barrels per day, which somewhat mitigates the potential supply shock.

Source: xStation5

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