# Oil Context Weekly (W13) - by Rory Johnston

> Crude prices rose about $5 a barrel in the week ending March 31. The gain reflected the loss of roughly 450 kbpd of Iraqi Kurdish exports and short-covering in WTI after positions had become stretched. Large US and Singapore inventory draws and renewed speculator buying also supported the move.

- Date: 2023-03-31 · published 2023-03-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/37060-oil-context-weekly-w13-by-rory-johnston
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tighter inventories and fresh speculative buying support crude and diesel prices, which feed into feed-mill energy and freight costs. Part of the gain came from positioning, so the move may not hold without further supply tightness.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- commoditycontext.com: https://www.commoditycontext.com/p/ocw-13w23

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.