- The global benchmark, Brent crude, closed above the $70/Bbl level for two consecutive days for the first time in two years
- Oil’s gains have come as demand growth optimism has outweighed concerns around pending Iranian supply and COVID-19 cases
- Schlumberger expects the economic recovery to trigger an energy-industry supercycle that will fatten margins for the world’s biggest oilfield services company (Bloomberg)
- “In the context of the growing economic rebound, this upcoming industry cycle can potentially be characterized as a supercycle, “CEO Olivier Le Peuch said Wednesday in a slide presentation for investors
- Government crude inventory data due to 10:00 AM CST
- Bloomberg survey
- U.S. crude oil inventories: -2,409
- U.S. gasoline inventories: -1,836
- U.S. distillate inventory: -2,054
- U.S. refinery utilization change: 0.69%
- Bloomberg survey