- WTI is down 42c to $62.73/Bbl, and Brent is down 28c to $66.30/Bbl
- The market received supportive data reported by the EIA on Wednesday
- The EIA reported a draw of (-) 5,890 MBbls for the week ending April 9, well above the estimate of a (-) 2,580 MBbls draw
- Inventories for the U.S. are now at a surplus of 8.053 MMBbls to last year and a surplus of 10.79 MMBbls to the five-year average
- Diplomats resumed talks in Vienna to try and revive the 2015 nuclear deal with Iran
- An attack on an Iranian nuclear facility over the weekend stoked new tensions, as the country announced it would begin enriching weapons-grade uranium
- Parties from Iran and six other world power, including the U.S., began talks on Thursday to try and get the U.S. to re-join the accord, assuming Iran complies with its enrichment commitments
- Oil agencies lift 2021 demand forecast on vaccine optimism
- The IEA, EIA, and OPEC all increased their 2021 demand forecast by 200 MBbl/d, 125 MBbl/d, and 175 MBbl/d, respectively
- Both the EIA and OPEC announced that they expect demand to weaken slightly in 2Q2021, with the IEA forecasting the opposite. All three agencies do see demand growth in 2H2021