February WTI crude oil and RBOB gasoline prices are up after a sharp rally due to a weakened dollar index and reduced global crude supplies from Kazakhstan’s oil fields shutdown. Crude prices surged after reports of extended closures due to fires and drone strikes in Kazakhstan. Iranian protests and threats from President Trump also support oil prices.

Crude oil stored on stationary tankers decreased in mid-January, while Chinese crude demand is strong, with imports set to reach record levels in December. OPEC+ plans to pause production increases in Q1 2026 to address the global oil surplus. Ukrainian attacks on Russian refineries and new US and EU sanctions have limited global oil supplies.

IEA predicts a record world crude surplus in 2026, while EIA raises US crude production estimates and lowers energy consumption projections. US crude inventories are below the seasonal average, and crude oil production slightly decreased, nearing record highs. Baker Hughes reports a slight increase in active US oil rigs, just above a recent low.

Read more at Yahoo Finance: Dollar Strength and Smaller Global Supplies Lift Crude Oil Prices