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Barchart
Rich Asplund

Crude Prices Close Higher as IEA Forecasts Tightening Inventories in Q3

Oil IEA United States International Energy Agency EIA Iran Strait of Hormuz Deficit OPEC Ukraine

September WTI crude oil (CLU26) on Wednesday closed up +0.07 (+0.08%), and September RBOB gasoline (RBU26) closed up +0.0171 (+0.55%).

Crude oil and gasoline prices closed higher on Wednesday as the International Energy Agency (IEA) said in its monthly report that the global oil supply deficit will worsen, even as oil demand is taking a hit from the war and high prices. The IEA said global oil inventories will fall in Q3 at twice the previously estimated rate because of ongoing disruptions from the US-Iran war.

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