Crude oil and gasoline prices plummeted to 4.75-year lows due to global energy demand concerns and potential oil glut. Weaker-than-expected economic data, including a rise in the US unemployment rate and declines in manufacturing PMIs, further dampened optimism. The possibility of a Russian-Ukrainian ceasefire could lead to sanctions on Russian energy exports being lifted.

A decrease in the crude crack spread discourages refiners from buying crude. Vortexa reported a 5.1 million bbl increase in crude oil stored on tankers, while geopolitical risks in Venezuela support oil prices. Reduced crude exports from Russia and OPEC+’s decision to pause production increases also influence crude prices.

Last Wednesday’s EIA report showed US crude oil inventories below the seasonal average. US crude production is just below a record high. Baker Hughes reported a slight increase in active US oil rigs, which have fallen sharply over the past few years. The consensus is that EIA crude inventories fell while gasoline supplies increased in the latest report.

Read more at Yahoo Finance: Crude Prices Plunge on Demand Concerns Amid Mounting Oil Supplies