- OPEC raises demand forecasts, as U.S. supply slips – (Bloomberg)
- The group revised its U.S. supply forecast downwards from a 160 MBbl/d increase to a 70 MBbl/d decline, noting the impact of the Winter storm as part of the reason for the revision
- The group sees a 2 MMBbl/d deficit despite its 2 MMBbl/d hikes implemented over the next three months. Thus, the group will have to mull whether to drain inventories further or restore more supplies
- OPEC boosted estimates for the call on its output this year by 230 MBbl/d, to an average of 27.65 MMBbl/d
- Michigan’s Governor, Gretchen Whitmer, said Enbridge has until Wednesday to shut its Line 5 pipeline
- Al Monaco, Enbridge’s chief executive officer, said the company plans to keep the 540 MBbl/d pipeline operational
- Analysts say that the pipeline is not likely to be shut down any time soon
- U.S. east coast sees fuel shortage on Colonial Pipeline outage
- The U.S. East Coast has lost over 3.6 MMBbl/d of gasoline since May 7 and will continue to lose an additional 1.2 MMBbl/d each day the pipe remains closed
- Citigroup noted the U.S. East Coast is at risk of a “temporary, but major” shortage, as the bank expects summer demand to hit record levels this driving season