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The U.S. EIA Strategic Petroleum Reserves saw the largest drop in inventory in the week ending March 27 since the week ending July 7, 2023, while commercial crude oil inventories excluding strategic reserves were at their highest level since the week ending June 16, 2023.

The EIA report for U.S. distillate fuel oil production implied demand for the week ending March 27 was 5.4446 million barrels per day, compared to 4.7479 million barrels per day in the previous week.

The EIA's data for total U.S. gasoline production and implied demand for the week ending March 27 was 9.5151 million barrels per day, compared to 9.7937 million barrels per day in the previous week.

The EIA crude oil production implied demand data for the week ending March 27 in the United States was 19.332 million barrels per day, compared with 19.132 million barrels per day in the previous week.

U.S. EIA new formulation gasoline inventories for the week ending March 27 were 6,000 barrels, compared to a previous reading of -9,000 barrels.

U.S. EIA gasoline inventories fell by 586,000 barrels in the week ending March 27, compared with an expected decrease of 1.876 million barrels and a previous decrease of 2.593 million barrels.

U.S. EIA crude oil production for the week ending March 27 decreased by 219,000 barrels per day, compared to 366,000 barrels per day in the previous week.

U.S. EIA distillate fuel production for the week ending March 27 was 0 barrels per day, compared to 157,000 barrels per day in the previous week.

U.S. EIA gasoline production for the week ending March 27 was -152,000 barrels per day, compared to 309,000 barrels per day in the previous week.

U.S. EIA distillate fuel inventories fell by 2.111 million barrels in the week ending March 27, compared with an expected decrease of 586,000 barrels and a previous reading of 3.032 million barrels.

U.S. EIA heating oil inventories fell by 809,000 barrels in the week ending March 27, compared with a previous week's decrease of 241,000 barrels.

U.S. EIA reported 141,000 barrels per day of refined product imports for the week ending March 27, compared to a -198,000 barrels per day in the previous week.

U.S. crude oil imports for the week ending March 27, according to the EIA report, decreased by 209,000 barrels, compared to 846,000 barrels in the previous week.

On April 1st, local time, the Iranian Islamic Revolutionary Guard Corps stated that it would target relevant US "intelligence companies" should an assassination attempt against Iran occur. Subsequently, the US Central Command issued a statement saying its forces would not attack civilian residences and denied any involvement in such operations. In response, Iran stated that the claim that "the US military does not violate civilian homes and targets" is a complete lie, and that there is irrefutable evidence proving that attacks on the residences of Iran's Supreme Leader, the official residences of some Iranian officials, and the attack on the Minab school are clear examples of "terrorist acts" directly carried out by the US military. The Iranian statement also said that the US military's open participation in and deep involvement in a "terrorist alliance" means that the US military must bear responsibility for the actions of this alliance. The statement said that regardless of whether the actions are carried out by the US or Israel, Iran will respond in kind, and that previous warnings against 18 companies remain in effect.

Federal Reserve Chairman Mossallem: Declining labor force participation and slowing population growth could constrain U.S. economic growth.

Federal Reserve Chairman Mossallem: The U.S. economy was already overheated during the 2022 oil price shock, not just now.

Federal Reserve's Mohammed: We have lowered the probability of the baseline scenario and increased the probability of the alternative scenario.