From Investing.com: 2025-03-13 00:56:00

Oil prices rose on a positive Energy Information Administration report. ICE saw a 2% gain, reaching over US$70/bbl. US crude inventories increased by 1.45m barrels, lower than expected. Gasoline stocks fell by 5.74m barrels. OPEC left demand and supply estimates unchanged for 2025 and 2026. OPEC production increased in February, with Nigeria and Iran leading the growth. Kazakh output surged by 198k b/d. Investment funds reduced their net long in the TTF market.

The Indian Sugar and Bio-energy Manufacturers Association predicts a decrease in sugar production to around 26.4mt in 2024/25. Lower cane yields in major regions contribute to the decline. Sugar allocation for ethanol production is expected to decrease to 3.5mt. Sugar consumption may average around 28mt, with 1mt expected to be exported this season. Ending stocks for 2024/25 are estimated at 5.4mt.



Read more at Investing.com: Crude Oil Soars Above $70 Amid Inventory Surprise and Demand Optimism