- WTI is up 47c to $41.90/Bbl, and Brent is up 64c to $44.39/Bbl
- China had its first implied decline in oil inventories since October 2017 (Bloomberg)
- Implied inventory changes are calculated by subtracting refinery runs from the combined total of imports and domestic production
- AEGIS notes China has remained a bright spot for demand, helping to offset losses in Europe and the U.S.
- Saudi Energy Minister says the jury is still out on extending OPEC+ output cuts
- The Saudi Energy minister reiterated that OPEC+ has the ability bring stability to the markets and will continue to seek it
- Libyan production was acknowledged during the call, with the minister saying that the country's output will be revisited once it reaches 1.2 MMBbl/d. The country is currently producing 1.145 MMBbl/d, giving it around 55 MBbl/d of additional output before OPEC+ may request some cooperation from the country
- EIA weekly data is due at 9:30 am CST
- S. Crude Inventories: + 1,240 MBbls (Avg. Bloomberg surveys)
- S. Gasoline Inventories: + 62 MBbls
- S. Distillate Inventories: — 1,960 MBbls
- S. Refinery Utilization: + 0.66% change