- WTI is down 48c to $41.22/Bbl, and Brent is down 48c to $42.68/Bbl.
- Libya crude output expected to reach 1MMBbl/d by year-end (Reuters)
- During a Reuters interview with Ahmed Maiteeq, Deputy Prime Minister of the Government of National Accord, the deputy PM announced Libya's crude output will increase to 550 MBbl/d by the end of October before reaching 1 MMBbl/d by year-end
- The additional Libyan output has added further to the concerns of over-supply in the market, as OPEC mulls whether to continue its curtailments past January
- The American Petroleum Institute reported a build of 584 MBbls for the week ending 10/16/2020
- The API was forecasted to report a draw of (-) 1.9 MMBbls
- AEGIS notes, the surprise build has added to selling pressure this morning as fundamentals had seemed to be improving after last weeks build of 5.4 MMBbls
- EIA weekly data is due at 9:30 AM CST (Avg. Bloomberg surveys)
- U.S. Crude Inventories: — 1,288 MBbls
- U.S. Gasoline Inventories: — 1,476 MBbls
- U.S. Distillate Inventories: — 1,946 MBbls
- U.S. Refinery Utilization: + 0.54% change