- Oil futures fell 1% on Thursday morning following their strongest closing price since 2014
- Other industrial commodities also retreated as the prospect for headwinds to China’s economy grew, while the dollar climbed (Bloomberg)
- Crude inventories at Cushing, Oklahoma, fell to the lowest in three years last week (EIA)
- A global energy crisis is incentivizing more fuel output, and buyers in Asia and Europe are looking for alternatives to pricier international oil grades (BBG)
- Stocks at the hub are approaching 30 MMBbl, a key psychological level and a drop below could send oil prices higher, according to traders talking with Bloomberg
- Saudi Arabia said an extra oil from OPEC+ would do little to bring down surging natural gas prices
- “We see our role as extremely limited,” Saudi Energy Minister Price Abdulaziz bin Salman said during the CERAWeek India Energy Forum
- AEGIS notes that OPEC+ has been called on by many to expand their planned supply increases beyond 400 MBbl/d
- The group’s next meeting is early next month