- WTI is up 68c to $60.43/Bbl, and Brent is up 68c to $63.38/Bbl
- OPEC+ to debate increasing production by 1.5 MMBbl/d in March
- There is a widespread view within the group that the market could absorb the additional supply, according to Bloomberg
- Even if OPEC+ boost production by 2.4 MMBbl/d (maximum amount under the current deal) between Feb. and Jun., It would still be able to clear out inventories from the 2020 supply glut by August, according to data presented by the JTC on Tuesday
- Texas becomes the largest state to lift its mandatory COVID-19 mask mandate
- Additionally, Texas-Governor Greg Abbott announced that all businesses would be allowed to open at full capacity starting March 10
- AEGIS notes the move comes as the state ramps up its vaccination program, which has contributed to declining hospitalization rates. If other states follow suit, demand for crude and refined products could rise, which could support price
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 735 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: - 2,087 MBbls
- U.S. Distillate Inventories: - 3,484 MBbls
- U.S. Refinery Utilization: + 4.13% change