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Rich Asplund

Crude Settles Higher on Tighter Global Oil Supplies

Oil OPEC United States Russia EIA Vortexa Drone IEA Red Sea United Kingdom

April WTI crude oil (CLJ24) on Tuesday closed up +0.75 (+0.91%), and Apr RBOB gasoline (RBJ24) closed up +0.49 (+0.18%).

Crude oil and gasoline prices Tuesday closed higher with crude climbing to a 4-1/2 month high and gasoline posting a 6-month high.  Ukrainian drone attacks on Russian refineries over the weekend damaged several Russian oil processing facilities, limiting Russian fuel export prospects.  JPMorgan Chase said it sees 900,000 bpd of Russian refinery capacity that could be offline "for several weeks if not months" from the attacks, adding $4 a barrel of risk premium to oil prices.  Crude oil and gasoline prices were undercut by Tuesday's rise in the dollar index (DXY00) to a 2-week high.

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