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 Oil extended its rally to a 10-month high as production cuts by leaders of the OPEC+ cartel strain global supplies, a setup that’s projected to create the tightest crude market in a decade in the months ahead.

API

• Crude +1.174mm (-1.9mm exp)

• Cushing

• Gasoline (-300k exp)

• Distillates (+400k exp)

After four straight weekly draws, API reports an unexpected 1.1mm barrel build in crude stocks last week..

Source: Bloomberg

WTI was hovering just below $89 ahead of the print and faded after…

As prominent forecasters such as JPMorgan and RBC say their core outlook doesn’t assume prices will reach $100 a barrel.

All of which is a major problem for Biden…

As higher gas prices loom for Americans and inflation expectations are resurgent.