- Crude futures are up this morning, extending their longest run of gains in over two years
- The world's largest independent oil trader, Vitol Group, has said that crude prices have more room to run as global stockpiles become depleted
- Oil prices have been pushed higher by declining inventories, and the reported draw of 3.5 MMBbls added to the positive sentiment surrounding crude prices. The EIA will release its official storage numbers at 0930am
- Vitol says oil prices have room to rise further as stockpiles shrink
- Firming oil demand is reducing global inventories, with at least 500 MMbbls being pulled from storage during 1H2021, according to Vitol
- The IEA said it expected inventories to fall by 100 MMBbls in 1Q2021, while OPEC has said inventories will reach their five-year-average by August
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 177 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 1,892 MBbls
- U.S. Distillate Inventories: - 1,488 MBbls
- U.S. Refinery Utilization: - 0.23% change