US Daily Oil Summary: Gulf Coast Oil Exports Countering OPEC+

A surge in exports from the Americas, primarily from the USGC, helped drive up global oil shipments in Feb – posing a challenge for OPEC+’s efforts to cap global supply.

• Observed US and Canadian crude exports climbed to 4.5m b/d, one of the highest levels on record, according to Bloomberg.
• Phillips 66 Wood River 356kb/d oil refinery suffered a unit upset and flaring event at 9:50om on the evening of Mar. 3, according to a filing with the Illinois Emergency Management Agency.
• US retail gasoline demand saw a decrease of 0.3% for the week ending March 3 but was 1.7% above the four-week average according to GasBuddy.
• Gasoline prices across the US Midwest region have surged to the highest level in the nation amid a continued shutdown at the Whiting refinery.
• The national average price for gasoline was $3.35/gal March 4, the highest since Nov, according to AAA.
• USD: The Bloomberg dollar spot index has fallen on the day, currently down around 0.06%.
• Congressional leaders have unveiled a USD$435 billion six-bill package for fiscal year 2024. A House vote is expected on Wednesday with the Senate to follow ahead of Friday's funding deadline.
• Federal Reserve Chair Jerome Powel will deliver the Semiannual Monetary Policy Report to Congress this week.