WTI and Brent futures set for monthly gains of nearly 4%

  • U.S. oil prices nudge higher despite rise in U.S. crude inventories
  • WTI and Brent oil futures on track for monthly gains of nearly 4%
  • West Texas Intermediate crude rises 0.3% to $78.81 a barrel
  • April Brent crude down 0.2% at $83.53 a barrel
  • March gasoline nearly flat at $2.27 a gallon
  • March heating oil down 1.1% to $2.6284 a gallon
  • Natural gas down 1.1% for the session and 12% for the month
  • Domestic commercial-crude inventories rose by 4.2 million barrels
  • Gasoline supplied hits second highest level since mid-December
  • Domestic production holding steady at a record 13.3 million barrels a day
  • WTI and Brent oil futures in backwardation, signaling tightened global supplies
  • Biden Administration adding to the Strategic Petroleum Reserve

U.S. oil futures nudged higher in Thursday dealings, shaking off weakness attributed to data a day earlier that showed a further rise in U.S. crude inventories as prices for the commodity look to score back-to-back monthly gains. West Texas Intermediate crude for April delivery rose 0.3% to $78.81 a barrel, while April Brent crude was down 0.2% at $83.53 a barrel. March gasoline was nearly flat at $2.27 a gallon, and March heating oil was down 1.1% to $2.6284 a gallon. Natural gas traded down 1.1% for the session and 12% for the month. The Energy Information Administration reported a 4.2 million barrel increase in domestic commercial-crude inventories, marking the fifth consecutive week of gains. Gasoline supplied reached its second highest level since mid-December, indicating improved consumer demand. Domestic production has remained steady at a record 13.3 million barrels a day. WTI and Brent oil futures are in backwardation, signaling tightened global supplies. The Biden Administration’s addition to the Strategic Petroleum Reserve has also contributed to the rally in futures prices.

Factuality Level: 3
Factuality Justification: The article provides factual information about the current state of U.S. oil futures and market drivers. However, it lacks depth and context, and there are no sources cited for the information presented. The article also contains some unnecessary details and repetitions, which could have been avoided to improve clarity and focus.
Noise Level: 3
Noise Justification: The article provides relevant information about U.S. oil futures, including price movements, market drivers, and expert analysis. It stays on topic and supports its claims with data and examples. However, it contains some repetitive information and could benefit from more in-depth analysis of long-term trends or antifragility.
Financial Relevance: Yes
Financial Markets Impacted: Oil futures market
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the price movements of oil futures, indicating the relevance to financial markets. However, there is no mention of any extreme events or their impact.
Public Companies: New York Mercantile Exchange (N/A), ICE Futures Europe (N/A)
Key People: Tyler Richey (Co-editor at Sevens Report Research)

Reported publicly: www.marketwatch.com