- Oil is trading at its highest levels in over a year, breaching the $55/Bbl mark
- Prices strengthened further following an American Petroleum Institute (API) reported build of 4.3 MMBbls. The EIA is set to release last week's numbers at 9:30 am
- Strong exports to Asia have helped push prices higher, particularly as demand slows down elsewhere. The U.S.'s largest export terminal reached a record-level for exports in January
- American oil exports from U.S. Supertanker Port off Louisiana Port reach new record-high
- Eight vessels departed from the port in January carrying a total of 15 MMBbls of crude from the U.S. to South Korea, China, and India
- Total U.S. Gulf crude flows to Asia reached nearly 51 MMBbls in January
- China's crude inventory levels reach one-year know as global stockpiles continue to shrink
- Chinese inventories declined for the seventh consecutive week, dropping to 990 MMBbls, according to Bloomberg
- China reduced inventories by a record amount in December while also importing less crude, according to Government data
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 971 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 914 MBbls
- U.S. Distillate Inventories: - 246 MBbls
- U.S. Refinery Utilization: - 0.02% change