Focus continues to fall on goings on in.........>

OIL: Focus continues to fall on goings on in Vienna, with Russia apparently the

main hold out (talk of Kazakhstan pushing back as well) to the Saudi idea of

deeper production cuts, which are apparently somewhere between 1.0-1.5mn bpd,

dependent on which source report you read. Either the OPEC+ power pair are

trying to pull a fast one on the market before coming to an agreement, or this

is one step too far for the Russians. Worth noting that Tass reported that

Russian Energy Minister "Novak will return to Vienna on March 6 for the OPEC+

ministerial meeting"

- We also heard that the JMMC made a recommendation, which the Saudi Energy

Minister deemed to be "wonderful," and the UAE Energy Minister chose not to

reveal.

- The latest weekly DoE inventory report revealed a smaller than expected

headline build in crude stocks, a deeper than expected drawdown in gasoline

stocks, a shallower than expected draw in distillate stocks, and a notable

drawdown at the Cushing hub. Refinery runs also saw a larger than expected drop.