Weekly Crude Oil Review: Oil sees volatile moves as markets eye Middle-East developments
WTI Crude oil futures are witnessing volatile movement with highs around $100 per barrel capping upside for the counter amid sustained selling pressure in global equities. Oil flared up initially in the week gone by but could witness some moderation now as the US has temporarily eased sanctions on Iranian oil shipments. Meanwhile, US crude oil demand is increasing amid a highly volatile global scenario. US Energy Information Administration or EIA stated in a latest weekly update that US crude oil refinery inputs averaged 16.2 million barrels per day during the week ending March 13, 2026, which was 63 thousand barrels per day more than the previous week’s average. US crude oil imports averaged 7.2 million barrels per day last week, increasing by 772 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 17.8% more than the same four-week period last year. This average figure is the highest in nearly 14 months. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 447 thousand barrels per day, and distillate fuel imports averaged 221 thousand barrels per day.
The US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 6.2 million barrels from the previous week. At 449.3 million barrels, US crude oil inventories are about 1% below the five-year average for this time of year. Total motor gasoline inventories also decreased by 5.4 million barrels from last week and are 3% above the five-year average for this time of year. This can prevent major losses in oil. The WTI Crude oil futures closed around $98 per barrel, almost unchanged for the week and are still up around 46% in this month. MCX Crude oil futures jumped above Rs 9400 per barrel before pulling back a little with a deep slide in Indian Rupee capping losses.
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