Crude oil prices inched higher after the Energy Information Administration today reported a 1.4-million-barrel crude draw, accompanied by a draw in gasoline stockpiles. These, according to the authority, shed 1.2 million barrels in the week to April 12, while distillate fuel inventories fell by 400,000 barrels. This compares with a 7-million-barrel build in crude oil two weeks ago, a 7.7-million-barrel decline for gasoline stockpiles, and a 100,000-bpd in distillate inventories. The EIA also reported a gasoline production rate of 9.9 million barrels daily last week and a distillate fuel production rate of 4.8 million barrels daily. This compares with 10.2 million bpd of gasoline for the prior week and 5 million bpd for distillate fuel. Refinery throughput averaged 16.1 million bpd last week. West Texas Intermediate has been trending higher despite growing suspicion that OPEC+ will put an end to its production cut deal in June instead of extending […]