Crude Supply Tightens Ahead of EIA Report Amid Hormuz Mine Strikes and SPR Low

The recent Hormuz mine strikes and a 44-year-low Strategic Petroleum Reserve (SPR) have tightened crude supply expectations ahead of the Energy Information Administration's (EIA) upcoming report. This has caused crude oil prices to pull back from their early highs on Wednesday, with WTI reaching $92.29 before profit-taking pushed it below $91. Brent also traded as low as $94.53.

The market is showing signs of taking profits after a sharp advance, but sellers are unwilling to give up the supply premium that has been added in recent days. This is evident from WTI holding above $90 and Brent above $95 on Wednesday morning. The API's 2.6 million barrel draw has put the EIA report in focus, with traders waiting for more clarity on crude supply.