- WTI is up 49c to $46.09/Bbl, and Brent is up 58c to $49.42/Bbl
- Oil prices are trading slightly higher this morning as the market awaits last week's storage numbers
- The EIA released its December STEO report, which includes several key revisions as some insight into how the market will look in 2021 has shaped up
- The American Petroleum Institute (API) reported a 1.14 MMBbl build for the week ending December 4, in contrast with the estimated draw of 1.5 MMBbl. The EIA is scheduled to release storage stats later this morning
- The EIA revised production, price forecast in its latest STEO report
- U.S. oil production is forecast to fall by 910 MBbl/d in 2020, in contrast with the previous estimate of an 860 MBbl/d decrease
- The EIA also lifted its WTI price forecast for 4Q2020 and 1Q2021 by $2.82/Bbl and $4.28/Bbl, to $41.63/Bbl and $44.50/Bbl, respectively. The large increase comes in response to the December 3 OPEC+ meeting, according to the agency
- The EIA said, "Partly because of EIA's forecast of more restrained OPEC+ production in 2021, EIA forecasts tighter oil markets next year, particularly in the first quarter. EIA now forecasts first-quarter 2021 global oil inventory draws to average 1.8 million b/d, which is 1.0 million b/d more than previously forecast." In an accompanying note
- EIA weekly data is due at 9:30 am CST
- S. Crude Inventories: - 849 MBbls (Avg. Bloomberg surveys)
- S. Gasoline Inventories: + 1,977 MBbls
- S. Distillate Inventories: + 789 MBbls
- S. Refinery Utilization: + 0.50% change