- WTI is down 78c to $64.02/Bbl, and Brent is down 95c to $67.44/Bbl
- IEA says global oil demand won't reach pre-pandemic levels until 2023
- The agency revised its demand estimate for 2021 upward for the first time in five months, to 96.49 MMBbl/d in contrasts with its previous estimate of 96.4 MMBbl/d
- World demand is forecast to gain 5.5 MMBbl/d this year, after plummeting by 8.7 MMBbl/d in 2020
- Enbridge warned regulators of potential oil shortages if its' Line 5 pipe is brought offline
- The company warned that refiners in central Canada and the U.S. Midwest could see crude supplies cut in half and propane costs surge
- Michigan Gov. Gretchen Whitmer announced in November that she is revoking a vital easement to cross the lake bed in the straits of Mackinac, which could require the pipe to be brought offline in May
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: + 2,076 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: - 2,312 MBbls
- U.S. Distillate Inventories: - 1,477 MBbls
- U.S. Refinery Utilization: + 5.26% change