- WTI futures near $69/Bbl as 76% or 1.4 MMBbl/d remain offline in the Gulf of Mexico
- China releases national crude oil reserve for the first time, causing oil prices to pare early morning gains (Bloomberg)
- The U.S. government became more pessimistic that shale operators will increase production in 2022
- The EIA reduced its monthly forecast for 2022 crude output to the lowest since February (Bloomberg)
- There have been five estimate cuts in six months
- The agency expects 2021 U.S. oil production to average about 11.3 MMBbl/d and 11.7 MMBbl/d in 2022
- EIA crude oil inventories are due at 10:00 AM CST
- Bloomberg survey
- U.S. crude oil inventories: - 4,364 MBbl
- U.S. gasoline inventories: -4,431 MBbl
- U.S. distillate inventories: -3,423 MBbl
- U.S. refinery utilization (change): -3.96%