- WTI moved back above $90/Bbl Thursday morning following declining U.S. inventories
- U.S. crude stockpiles fell to the lowest since 2018, the EIA reported yesterday
- Iranian and U.S. nuclear talks remain in focus
- Strong demand and lower imports helped reduce oil inventories by 4.8 MMBbl last week
- Stocks at the key Cushing storage hub fell for the fifth week to the lowest level since November, according to data from the Energy Information Administration
- U.S. refiners processed about 15.6 MMBbl/d of crude last week, up by 328 MBbl/d from the previous week
- Plains All American Pipeline expects major Permian growth
- The U.S. midstream operator is forecasting volumes on its crude pipelines to grow by 15% in 2022 from a year earlier, driven mainly by the Permian
- Output from the Permian could grow by 600 MBbl/d annually for the “next several years,” Plains chief executive Wilfred Chiang said