WTI & Brent are giving back some of.............>

OIL: WTI & Brent are giving back some of yesterday's ~$1.50 gains, trading

~$0.50 & ~$0.40 lower than their respective settlement levels.

- A surprise draw in headline crude stocks in the weekly DoE inventory release

was the driving force behind yesterday's rally (& was at odds with the build

reported in the EIA estimates). The report also revealed a larger than exp. draw

in gasoline stocks, an in line draw in distillate stocks & a build in stocks at

the Cushing. The uptick in refinery run rates surpassed exp., with weekly U.S.

crude production ~unch. Late Wednesday saw RTRS report that Mexico has completed

the "majority of its annual oil hedging program," although estimates re: amount

completed vary from ~75%+ upwards, per the report. Elsewhere, Russian Energy Min

Novak noted that no OPEC+ nation has submitted an official proposal re: deeper

production cuts, in lieu of earlier source reports surrounding the matter.

However, he did note that there is always the possibility that the restrictions

could be altered, based on mkt conditions & pointed to the need for all parties

to comply with the pact. Also worth highlighting that Canadian PM Trudeau noted

that the country will move ahead with the Trans-Mountain pipeline expansion.