Oil and Fuel Stocks Surge, Surpassing Expectations
The U.S. Energy Information Administration (EIA) reported a significant build in oil and fuel stocks, with oil inventories increasing by 2.9 million barrels, gasoline inventories adding 2.7 million barrels, and middle distillate stocks rising by 1.5 million barrels. This comes amid security concerns in the Red Sea, leading to rerouting of shipping routes and increased military presence in the region. Crude oil prices moved lower in response to the inventory increase.