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WTI Crude Price Surge: WTI crude oil futures surged above $89 per barrel, reaching their highest level in ten months. This price increase is primarily driven by market expectations of ongoing production cuts by major oil producers.

OPEC's Projections: OPEC projected a significant increase in global oil demand, with expectations of a 2.25 million barrels per day rise in 2024. Additionally, OPEC anticipated a substantial deficit of 3.3 million barrels per day in the oil market during the fourth quarter of the current year.

EIA and IEA Outlook: The US Energy Information Administration (EIA) expected a smaller deficit of 230,000 barrels in the next quarter. The International Energy Agency (IEA) also noted that oil output cuts by Saudi Arabia and Russia, set to continue until year-end, would result in a notable deficit in the oil market through the fourth quarter of 2023.

US Crude Oil Inventories: Data from the EIA Petroleum Status Report showed an unexpected increase in US crude oil inventories, rising by 3.954 million barrels in the week ending September 8, 2023. This increase contrasted with market expectations of a 1.912 million barrel drawdown.

Gasoline and Distillate Stocks: Gasoline stocks saw a substantial increase of 5.56 million barrels, the largest since July of the previous year, surpassing expectations for a 237 thousand barrel injection. Distillate stockpiles, including diesel and heating oil, also rose significantly by 3.931 million barrels, exceeding consensus estimates for a 1.303 million barrel increase.

Cushing, Oklahoma Stocks: Crude stocks at the Cushing, Oklahoma, delivery hub decreased by 2.45 million barrels, following a 1.75 million barrel draw in the prior week