WTI & Brent sit ~+$0.80 & ~+$1.00 at writing,...>

OIL: WTI & Brent sit ~+$0.80 & ~+$1.00 at writing, even after reports pointed to

a larger than exp. headline crude build (coupled with a build at the Cushing

hub, larger than exp. build in gasoline stocks & a larger than exp. draw in

distillate stocks) in the latest API weekly inventory estimates.

- Tuesday saw a modest uptick for both benchmarks, as crude tracked broader risk

sentiment. This has been built on in Asia-Pac hours, even with BBG sources

pointing to some regional buyers taking delivery of less Saudi crude in March,

as Coronavirus saps demand.

- Tuesday saw the EIA cut its '20 global oil demand growth forecasts in its

latest STEO (as was exp.), while it lifted its '21 global demand growth

forecast. Tuesday also saw RTRS sources note that "Saudi Arabia wants global oil

producers to agree a quick oil supply cut as China's coronavirus knocks demand,

aware that delays in the past led to costly price collapses." As you would

expect. Wednesday will bring DoE inventory data & a Russian Energy Ministry

meeting with domestic producers, which will see the parties discuss the OPEC+

JTC's recent proposal.