- WTI is up 44c to $61.94/Bbl, and Brent is up 53c to $64.95/Bbl
- OPEC+ faces pressure to dampen rally by returning output
- Global inventories are declining at their quickest pace in the last two decades, according to Morgan Stanley. This has translated to price, with crude futures having their best start to a year in over 30 years
- The cartel is currently curtailing around 7.1 MMBbl/d, or around 7% of global supply, according to Bloomberg
- Kazakhstan crude production jumps to 10-month high
- According to Bloomberg, Kazakhstan liquids production was around 1.77 MMBbl/d in February, up 122 MBbl/d from January
- Kazakhstan's quota is set at 1.427 MMBbl/d, which will increase by 10 MBbl/d in March. Excluding condensates, the country produced 1.51 MMBbl/d, or around 83 MBbl/d more than its quota
- The Baker Hughes oil rig count gained four rigs to bring the total rig count to 309
- Four rigs were added in the Permian basin, while the Eagle Ford and DJ-Niobrara basins remained unchanged
- The CFTC reported that managed money net positioning has decreased to (+) 386,855 contracts
- Long positions increased by 419 contracts to a total of 431,756
- Short positions also increased by 3,456 contracts to a total of 44,901