- WTI is down 78c to $63.82/Bbl, and Brent is down 81c to $67.19/Bbl
- Iran's rising exports are destabilizing oil markets — Vitol
- "If those barrels continue to trade through murkier channels, it is very destabilizing for the market because nobody really understands what's coming,", according to Vitol
- AEGIS notes rising Iran production could pressure oil prices and potentially complicate OPEC's plans to prop up oil prices
- IEA dismisses oil supercycle, citing plentiful supplies (Bloomberg)
- The agency said, "there is more than enough oil in tanks and under the ground to keep global oil markets adequately supplied."
- Additionally, OPEC is holding 7 MMBbl/d of spare capacity on standby. If prices heat up, the group could return production before other producers are able to capitalize on the higher prices
- The market received discouraging data reported by the EIA on Wednesday
- The EIA reported a build of (+) 2,396 MBbls for the week ending March 12, well above the estimate of a (+) 2,076 MBbls draw
- Inventories for the U.S. are now at a surplus of 49.016 MMBbls to last year and a surplus of 30.38 MMBbls to the five-year average