- OPEC+ panel revises demand estimates downward, signaling a more negative market view right before Thursday's meeting
- The panel noted, "despite the accelerated rate of vaccine roll-outs across the world, there are a rising number of COVID-19 infections globally, with lockdowns and travel restrictions being re-imposed in many countries."
- The revision was most pronounced in 2Q2021, where projections are now an average of 1 MMBbl/d lower than prior projections
- U.S. shale oil production is set to decline through at least 2022 as producers resist the temptation to drill (Bloomberg)
- Production in the five major U.S. oil and gas basins may shrink by another 485 MBbl/d by the end of this year, finishing December with production at around 7.1 MMBbl/d. Output may fall further to 6.95 MMBbl/d in 2022
- The five major U.S. shale plays — the Permian, Eagle Ford, Bakken, Niobrara, and Anadarko — produced a combined 7.2 MMBbl/d in 1Q2021, down from around 8.9 MMBbl/d a year ago
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 928 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 413 MBbls
- U.S. Distillate Inventories: +789 MBbls
- U.S. Refinery Utilization: + 1.42% change
