- Oil reaches new ten-month high during this morning's trading session
- The dollar index (DXY)reversed yesterdays gains, losing an additional ten pips to trade near $90.464
- OPEC+ compliance reaches its lowest since the latest round of supply cuts began last May
- Heavy Canadian crude grades surge on supply outage suspicions (Bloomberg)
- Western Canadian Select Basis (WTI @ Cushing) pricing tightened by $1.35/Bbl, to $13.40/Bbl, its highest since December
- Kansas City Fed survey shows drilling activity was up in 4Q2020
- The drilling and business activity index reported by the fed jumped from 4 in 3Q2020 to 40 in 4Q2020 as producers become more optimistic about the impact of a successful vaccine rollout on oil markets
- Survey respondents, on average, expect WTI prices to hit $48/bl in six months and $52/bl at the end of the year
- The CapEx index jumped from -14 to 9 in 4Q2020