- Oil prices continue to edge higher following the biggest two-day advance since November
- Brent moved above $70/Bbl on Tuesday and up to nearly $72 on Wednesday morning, after China reportedly brought its latest virus outbreak under control
- Pemex plans to resume all lost production following a fire at a platform in the Gulf of Mexico
- Mexico’s Pemex will return 421 MBbl/d from 125 oil wells soon
- The state-owned producer expects to resume all oil production by Aug. 30
- About 25% of Mexico’s total production has been offline since Sunday, when a fire claimed five lives on an offshore platform
- EIA crude oil inventory estimates:
- Bloomberg Survey
- U.S. crude oil inventories: -2,331 MMBbl
- U.S. gasoline inventories: -1,556 MMBbl
- U.S. distillate inventory: -852 MMBbl
- U.S. refinery utilization: -0.06%