- WTI is trading above $70/Bbl after settling yesterday at $69.99/Bbl
- Investors are wagering the oil market can absorb additional supply from OPEC+
- Nearly 94% of Gulf of Mexico crude production remains shut days after Ida left the region
- About 1.3 MMBbl/d of U.S. refining capacity remains offline, down from 2.5 MMBbl/d earlier in the week
- The Department of Energy has authorized Exxon Mobil Corp. to receive crude from the Strategic Petroleum Reserve (SPR) to help with the production of fuels (Bloomberg)
- Exxon will be getting 1.5 MMBbl from the SPR for its Baton Rouge refinery
- The company will have to restock the same amount of oil plus premium barrels within a few months, according to the statement