Bullish Oil & Gas Producers Remain Under-hedged

Oil prices edged up in Wednesday’s session supported by a decline in U.S. crude inventories, Ukrainian attacks on Russian refineries and signs of strong demand. According to weekly data by the U.S. Energy Information Administration (EIA), U.S. crude stockpiles fell by 1.5 million barrels to 446.99 million barrels in the week to March 8, marking the fourth consecutive week of draws, while U.S. crude processing rose by 1.9 percentage point to 86.8% utilization. The American Petroleum Institute (API) reported…