- Oil is trading higher, around $75.20, extending gains from last week
- The US crude rig count decreased by three rigs, bringing the total to 498 rigs, down by 124 from last year
- Managed money participants increased their net long position in WTI by 41.4k contracts, driven by a large decrease in short positions and a modest increase in long positions
- OPEC members reaffirm commitment following Angola’s exit (BBG)
- Iraq, Nigeria, and Congo have reaffirmed their support of the OPEC alliance following last week’s exit of the group by Angola over production quota disputes
- Congo’s minister of hydrocarbons said, “We reiterate our firm support of unity and cohesion at the heart of OPEC and OPEC+”
- Nigeria also disagreed with OPEC leadership over the production quotas but released a similar statement confirming their continued support
- Geopolitical tensions continue to rise in the Middle East (BBG)
- Attacks on vessels in the Red Sea have continued, with the UK Navy reporting several incidents off the coast of Yemen
- Maersk has said it is looking to begin using the Red Sea route again under the protection of the maritime coalition
- The US military struck targets in Iraq belonging to Iranian-backed militias