- WTI is down 18c to $61.24/Bbl, and Brent is down 25c to $64.28/Bbl
- China claims it imported no Iranian crude for the first time in months, according to official customs data
- There were zero imports from Iran in January and February, according to Chinese customs. This contrasts with several third-party sources that claim that China imports of Iranian crude have risen exponentially over the past two months
- The customs data shows that China did increase imports from Oman and Malaysia, as buyers likely tried to circumvent barrels through other countries to hide the origin of Iranian crude
- The Baker Hughes oil rig count gained nine rigs, its largest increase since January, to bring the total oil rig count to 318
- The Permian basin added four rigs, while the Eagle Ford added three rigs, and the Denver-Julesburg rig count remained unchanged
- The recent rig additions have helped the total oil-directed drilling rig count to increase by 146, from a bottom of 172 rigs during the week ending August 14, 2020, to 318 rigs during the week ending March 19, 2021
- Renewed lockdowns in the European Union threaten oil demand recovery (Reuters)
- Germany plans to extend a lockdown to contain COVID-19 infections into a fifth month, according to a draft proposal
- AEGIS notes that while supply has remained steady so far, thanks to OPEC, the demand side of the equation is weighing on oil prices as renewed lockdowns threatened the demand recovery