- WTI is up 75c to $60.93/Bbl, and Brent is up 92c to $64.59/Bbl
- IEA boosts U.S. oil demand forecast as U.S. recovery helps clear inventories
- The agency boosted estimates for this year's growth in oil consumption by 230 MBbl/d to 5.7 MMBbl/d, equivalent to nearly 2/3 of demand lost in 2020
- IEA notes that rising Iran production continues to complicate OPEC's plan to balance the market. The country produced 2.3 MMBbl/d in March and could add 1.5 MMBbl/d if an accord is reached
- Canadian imports fell 20% in 2020 due to pandemic (Reuters)
- Canada imported 555 MBbl/d last year, down from 693 MBbl/d in 2019 for its lowest mark in at least the previous ten years — Canada Energy Regulator (CER)
- Canada is the worlds fourth-largest oil producer and exports around 3.7 MMBbl/d
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 2,580 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 555 MBbls
- U.S. Distillate Inventories: + 1,510 MBbls
- U.S. Refinery Utilization: + 0.33% change