- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 2,200 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 516 MBbls
- U.S. Distillate Inventories: - 1,469 MBbls
- U.S. Refinery Utilization: + 0.22% change
- Colonial Pipeline Co. told federal officials it would know by the end-of-day whether it is safe to restart flows to the pipe – (Reuters)
- Gasoline prices reached the politically significant level of $3/gal for the first time since October 2014, prompting the Biden administration to hold a house briefing on the shortage on Wednesday at 6 pm CDT
- The vital pipeline, which is responsible for around 2.5 MMBbl/d of transportation fuels, has now been shut since last Friday, causing a run on filling stations in several states
- The IEA said the oil glut has cleared despite demand concerns in India – (Bloomberg)
- In March, oil inventories in developed nations stood just 36.9 MMBbls above the five-year average (2015-2019), down from a surplus of about 250 MMBbls last year last summer
- The agency also made a 630 MBbl/d downward revision to India consumption as the country deals with a COVID resurgence. Global demand was also revised 230 MBbl/d lower in 2021 to 96.4 MMBbl/d
- Global consumption is on track for a 5.4 MMBbld (6%) rebound from 2020 levels