- WTI is up 60c to $60.30/Bbl, and Brent is up 67c to $63.95/Bbl
- OPEC forecast diminishing stockpiles, despite 2 MMBbl/d output hike expected in the next three months
- The group raised its global demand forecast for 2021 by 190 MBbl/d to an average of 96.46 MMBbl/d. The group did lower its 2Q2021 forecast by 0.5 MMBbl/d, but an increase in 4Q2021 offset this change
- The group will still be holding back nearly 5.8 MMBbl/d, or around 6% of global output, which it can bring back if demand warrants it
- Oil in floating storage fell by over 14 MMBbls during the week ending April 4 — its most significant drop in nine months (IHS)
- Floating storage levels are now at around 55.56 MMBbls, its lowest total in over a year
- The largest floating crude oil storage volumes remain in Northeast Asia, where tankers are carrying an estimated 23.2 MMBbls or around 41.7% of the global total