- WTI is down $1.58 to $39.46/Bbl, and Brent is down $1.53 to $41.79/Bbl
- The dollar index (DXY) has strengthened this week as breakdowns in stimulus talks have helped to boost sentiment around the dollar, pressuring oil prices downward
- Growing Coronavirus cases in Europe has hurt the prospects of a recovery in demand. The Continent's two largest cities, Paris, and London, have imposed additional restrictions to help combat the spread of Coronavirus cases
- The EIA will report weekly storage data later this morning. The API reported a 5.4 MMBbl build for last week, according to Bloomberg
- The U.S. Bureau of Safety and Environmental Enforcement (BSEE) provided an update on GoM production
- Offline crude oil production in the Gulf is near 31% or, 568 MBbl/d, as of midday Wednesday
- Only 57 platforms remain evacuated, or 8.86%, according to the BSEE
- EIA weekly data is due at 9:30 AM CST (Avg. Bloomberg surveys)
- U.S. Crude Inventories: — 2,136 MBbls
- U.S. Gasoline Inventories: — 1,375 MBbls
- U.S. Distillate Inventories: — 1,697 MBbls
- U.S. Refinery Utilization: — 0.68% change