- Oil prices remained unchanged Tuesday morning as traders await further signals from the White House on whether it will release oil from the Strategic Petroleum Reserve (SPR)
- Energy Secretary Jennifer Granholm said officials will scrutinize the EIA’s Short-Term Energy Outlook due later today
- An announcement on whether to tap the SPR is reportedly due this week
- Saudi Aramco says spare capacity in the oil market will shrink significantly next year as travel rebounds and due to a lack of investment among producers (Bloomberg)
- Surplus capacity is the equivalent of 3-4 MMBbl/d and will drop as demand for jet fuel increases, CEO Amin Nasser said
- The U.S. lifted travel restrictions for non-U.S. citizens traveling to America as long as they provide proof of vaccination and a negative COVID test (NPR)
- Yesterday’s relaxing of air travel will open up travel from over 30 countries
- Pent-up demand triggered a major spike in bookings on Monday (Reuters)