- Colonial Pipeline resumes scheduling changes, as the company’s nominations system has been restored
- Colonial Pipeline Co notified shippers over the weekend that they can now make nomination changes for all lines
- Argus noted that the muted market response might be explained by the changing supply structure along the US east coast and a chronic surplus of global refining capacity, exacerbated by the Covid-19 pandemic
- Iran prepares for return to the oil market, as U.S.-Iran sanction talks progress
- According to Bloomberg, Iran’s National Oil Co. has been priming oil fields and customer relationships so it can increase exports
- Iran’s crude production has already increased nearly 20% this year to 2.4 MMBbl/d (Bloomberg), though much of the oil is used domestically. Any additional production increases will likely be redirected into the global market via exports
- The Baker Hughes oil rig count gained eight rigs to bring the total oil-directed rig count to 352
- The Permian basin added two rigs, while the Williston added one rig, and the Eagle Ford rig count remained unchanged
- The recent rig additions have helped the total oil-directed drilling rig count to increase by 180, from a bottom of 172 rigs during the week ending August 14, 2020, to 352 rigs during the week ending May 14, 2021