Why did the WTI oil price rise today?

A 3.3 million barrel gasoline draw and shipping risk near the Strait of Hormuz supported prices, even as API crude inventories rose by 5.6 million barrels. Strong refinery runs and tight product balances matter for near‑term pricing. Together, these factors kept buyers active and helped futures hold a firm tone.

What are API crude inventories and why do they matter?

API crude inventories are weekly estimates from a private survey of US oil stocks. They provide an early read before official government data. Traders compare the crude, gasoline, and distillate changes to expectations. A crude build can pressure prices, while product draws often support them by signaling healthy end‑user demand.

How does the Strait of Hormuz affect oil markets?

The Strait of Hormuz is a vital shipping chokepoint. Disruptions or higher shipping risks can slow flows, raise freight and insurance costs, and add a risk premium. Even without a full outage, concerns can tighten prompt markets. That backdrop can support prices until the situation eases or alternative routes absorb volume.

What should Canadian investors watch next?

Watch the official US inventory report, refinery utilization, and any updates on Hormuz shipping. For TSX holdings, track company guidance, hedging levels, and capital return plans. Also watch the Canadian dollar and retail fuel prices. These signals help gauge how a move in the wti oil price could impact portfolio risk and returns.

Global Market Insights

CL=F Today, March 04: Gasoline Draw, Hormuz Risk Lift WTI Prices

ByHuzaifa Zahoor March 4, 2026March 4, 2026

The wti oil price moved higher today as a 3.3 million barrel gasoline drawdown and shipping risk near the Strait of Hormuz offset a 5.6 million barrel build in API crude inventories. WTI futures (CL=F) gained as Kpler cited strong US refinery runs and recent product draws that keep the physical market tight in the near term. For Canadians, this backdrop can lift TSX energy names and nudge pump prices in CAD. We outline the key drivers, what data to watch next, and practical takeaways.