- WTI is down $1.78/Bbl to $37.79/Bbl, and Brent is down $1.59/Bbl to $39.61/Bbl.
- Hurricane Zeta is forecast to become a Category-2 hurricane prior to making landfall in southeastern Louisiana this afternoon
- About 914 MBbl/d or 49 pc of offshore oil production was offline yesterday, according to the Bureau of Safety and Environmental Enforcement (BSEE)
- The storm has intensified significantly over the past 24 hours. The U.S. National Hurricane Center said winds are likely to increase to 100 mph later today, posing a life-threatening storm surge threat along the U.S. Gulf Coast.
- The American Petroleum Institute reported a build of 4.577 MMBbls for the week ending 10/23/2020
- The API was forecasted to report a build of (+) 1.2 MMBbls
- AEGIS notes, the large build has added to selling pressure this morning as fundamentals continue to deteriorate. The API also reported a 2.2 MMBbl build in gasoline stocks, further adding to the bearish sentiment.
- EIA weekly data is due at 9:30 AM CST (Avg. Bloomberg surveys)
- U.S. Crude Inventories: + 1,152 MBbls
- U.S. Gasoline Inventories: — 19.27 MBbls
- U.S. Distillate Inventories: — 1,989 MBbls
- U.S. Refinery Utilization: + 0.65% change