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Rally Extends

OIL

Crude futures gained for fourth session, extending their rally after comments from OPEC+ ministers indicated the group would continue to work on reducing the supply surplus. WTI is up $0.41 at $56.10/bbl, brent is up $0.36 at $58.82/bbl.

  • In a post JMMC meeting communique, OPEC+ "stressed the importance of accelerating market re-balancing without delay" and also noted uncertain demand prospects headings forward. The group kept output levels for February and March unchanged as expected. On the supply front the EIA projected that American oil production wouldn't surpass 2019 levels until 2023.
  • US DOE supply data was also supportive, the figures showed a drawdown in headline inventories of 994k which takes stocks down to a 10-month low. Also supportive on the supply front were projections from the EIA that US oil production won't surpass 2019 levels until 2023. Upside was tempered by a large build in gasoline inventories of 4.47m/bbls.
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