Overview
- U.S. crude inventories fell by about 2.3 million barrels to 423.8 million last week, defying expectations for a build, according to the EIA.
- Brent neared $69 and WTI approached $64, with both benchmarks up roughly 5% since Jan. 26 and at their highest levels since late September.
- A U.S. winter storm temporarily knocked out up to 2 million barrels per day of production and halted Gulf Coast exports on Sunday, Vortexa data showed.
- Kazakhstan’s Tengiz field is seen restoring less than half of normal output by around Feb. 7, while CPC said its Black Sea terminal is back to full loading capacity.
- Heightened geopolitical risk from President Trump’s threats toward Iran and the arrival of a U.S. carrier group added a price premium, even as OPEC+ keeps output increases on hold and product stocks show mixed signals with gasoline edging up and distillates rising.