- WTI is up 8c to $40.28/Bbl, and Brent is up 9c to $42.54/Bbl
- WTI has continued to trade sideways this morning in a range-bound manner near $40
- Saudi Prince Mohammed Bin Salman, and Russian President Vladimir Putin reiterated the need for OPEC+ producers to adhere to the agreed production cuts, especially as Coronavirus cases continue to rise globally
- The IEA released its monthly Oil Market Report (OMR) on Wednesday, revising several key forecasts
- Prince MBS and Vladimir Putin urge OPEC+ producers to adhere to supply cuts
- The group is set to decide how to proceed with the cuts during the next meeting on November 30, 2020. The IEA has warned of a slowdown in demand growth, which means the cartel may have to slow the pace at which they return supply to the market
- Several OPEC+ member nations have breached their quotas during the past six months, including Iraq, the UAE, Nigeria, and Angola, prompting the cartel to require compensatory cuts
- The IEA revised its global demand and supply forecasts for 2021
- Global demand is forecast to increase from 91.7 MMBbl/d in 2020 to 97.2 MMBbl/d in 2021
- The report also shows an increase in OPEC crude production of 5 MMBbl/d in 2021, to 28.4 MMBbl/d from 23.4 MMBbl/d
- EIA weekly data is due at 9:30 AM CST
- U.S. Crude Inventories: — 1,940 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: — 1,283 MBbls
- U.S. Distillate Inventories: — 1,597 MBbls
- U.S. Refinery Utilization: — 0.60% change