- WTI is up 4c to $40.07/Bbl, and Brent is up 10c to $41.83/Bbl
- WTI pared some of yesterdays losses in after-hours trading after seeing its worst day in over 2 weeks
- While yesterday's draw in crude stocks was not particularly bearish (-1 MMBbls), U.S. motor gasoline inventories increased by the most (1.9 MMBbls) since mid-May.
- The NYMEX gasoline crack fell to its lowest level since April, as RBOB prices tanked in response to the large build in stocks
- Libyan output reached 560 MBbl/d on Wednesday, representing a 410 MBbl/d increase since the beginning of October
- JPM estimates that production could reach 1 MMBbl/d by March 2021, while Bloomberg estimates that it could return to 1 MMBbl/d by the end of 2020
- AEGIS notes, that the increase in production will continue to weigh on prices. OPEC has yet to release a statement regarding the increase in production, however, the additional output will weigh on prices just as an increase in coronavirus cases dampens demand
- Venezuela's PDVSA sets output goal of 1.8 MMBbl/d for 2021 — (Bloomberg)
- PDVSA plans to base its 2021 budget on an oil price of $35/Bbl