Oil Prices Rise for Third Day on Supply Concerns Though Inventories Grow
- Crude oil prices rising for 3rd day due to tensions in Red Sea; up $1/bbl
- Refined product futures gave up gains after EIA inventory data released
- EIA shows increase in oil, gasoline, and diesel inventories last week
- Implied gasoline demand fell slightly but remains strong at 8.75 million b/d
- Gasoline spot prices seeing large deviations from futures in Group 3 and San Francisco markets