- WTI is on track for a small weekly gain of around 50c
- Price action has been mixed over the last week with WTI trading within a narrow range. Bearish news emerged of increased lockdowns around the world due to a new COVID-19 variant emerging out of South Africa. A rally in the dollar pressured prices further
- The curve has become more backwardated as prompt time-spreads firmed, implying that demand in the future will outweigh supply, making a cash-and-carry trade more profitable
- OPEC output rose by 250 MBbl/d in January to a total of 25.6 MMBbl/d (Bloomberg)
- Saudi Arabia increased its production by 120 MBbl/d to 9.12 MMBbl/d
- Iran increased its production by 100 MBbl/d to 2.1 MMBbl/d
- Iraq trimmed its production by 110 MBbl/d to 3.75 MMBbl/d
- Libya's Petroleum Facilities Guards (PFG) set a new salary deadline to avert a discontinuation of exports
- The PFG will allow exports until the deadline passes, at which time if a deal has not been reached, they will shut down two of the countries largest export terminals