Crude Futures Rise Ahead Of Inventories Report

Crude oil futures are higher ahead of the EIA’s weekly inventories report, which is expected to show builds in crude and gasoline stocks and a draw on stocks of distillates. Analysts note a smaller-than-expected increase in crude stocks reported by the API and the EIA’s forecast that U.S. crude oil production will decrease slightly after this month’s recovery from January’s weather-induced declines, and not exceed December’s record 13.3 million barrels a day until February 2025. “Prices are stabilizing and a near-term rise to $76 should not be ruled out,” says Peter Cardillo, chief market economist at Spartan Capital. WTI for March delivery is up 0.6% at $73.72 a barrel. April Brent is up 0.5% at $78.97 a barrel.