- Brent crude briefly retreats below $70/Bbl as the U.S. calls for OPEC to produce more oil (Bloomberg)
- National Security Advisor Jake Sullivan said current plans to boost output weren’t sufficient
- The White House said in a statement Wednesday that the Biden administration had urged OPEC and its partners to boost production (CNBC)
- The average unleaded gasoline price in the U.S. has averaged over $3/gal lately as oil prices recovered from pandemic lows over the past year
- “Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” Sullivan said in a statement
- The EIA will report crude oil inventory data at 9:30 am CST
- Bloomberg survey
- U.S. crude oil inventories: +227 MBbl/d
- U.S. gasoline inventories: -3,390 MBbl/d
- U.S. distillate Inventory: +111 MBbl/d
- U.S. refinery Utilization: +0.37%