- The massive surplus in inventories amassed during the pandemic is nearly gone — IEA
- Barely 20% of inventories added last year remain in storage tanks as OPEC and its allies have been able to help keep production offline to deplete inventories
- Inventories were 57 MMBbls above their five-year average estimate as of February, down from a 249 MMBbl surplus last July
- New demand concerns resurface on India COVID-19 outbreak that threatens demand in the world's third-largest importing country
- Less than 100 critical care beds were available in the city of more than 20 million people. Further, the positivity rate has increased to 30% from 24% the day prior
- The country reported 261,500 new cases on Sunday
- Certain provinces, cities in India have imposed lockdowns. However, the restrictions fall shy of completely limiting mobility among its population. If the situation continues to worsen, lockdowns could become more strict
- China crude inventories grow, higher prices to deter future builds (Reuters)
- China storage levels increased in March as strong imports and domestic production outpaced refinery inputs
- Nearly 1.63 MMBbl/d was deposited into storage in contrast with an average of 920 MBbl/d in January and February