- WTI is up $1.67 to $59.43/Bbl, and Brent is up $1.72 to $62.51/Bbl.
- A downed ship in the Suez Canal has left dozens of vessels gridlocked, pushing oil prices higher this morning (Bloomberg)
- The incident was expected to knock out traffic for several days initially, though new reports suggest the obstruction could be cleared as soon as today or tomorrow
- The Suez Canal is responsible for around 12% of global trade and 8% of LNG, making it one of the most trafficked waterways in the world
- OPEC+ should continue output limits or even increase its supply cuts in April in response to market softness — Citi
- The bank said that the recent price drop has been driven by financial flows, rather than a change in fundamentals, and said oil "should only have one way to go — up."
- Citi projects Brent will average $62 in 1Q and $70 in 2Q
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: + 704 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 1,102 MBbls
- U.S. Distillate Inventories: - 45.30 MBbls
- U.S. Refinery Utilization: 2.91% change