ENERGY

Oil prices are extending gains this morning, reversing earlier losses, as reports suggest OPEC+ will rollover its production cuts. This will pressure supply as Red Sea disruptions are triggering widely tracked gauges of the physical market to point to tighter conditions.

Last night's big crude build, reported by API, was shrugged off (helped by a bigger than expected gasoline draw).

Bulls will be hoping to see a smaller crude build

API

• Crude +8.428mm (+1.5mm (more…)

By Charles Kennedy of OilPrice.com

Argentina’s oil-producing provinces have threatened to cut off oil supply to the rest of the country if the government of Javier Milei goes through with plans to withhold billions in federal tax revenues.

"Not a drop of oil will come out on Wednesday if they don't respect the provinces once and for all and take their foot off our back," the governor of the southern Chubut province, Ignacio Torres, told a local TV channel, (more…)

Oil pries rallied for the second straight day near the highs of their range since early November on a combination of further tensions in the Red Sea, signs of tightness in physical markets, and Reuters reports that OPEC+ will consider extending voluntary oil output cuts into the second quarter to provide additional support for the market.

Bulls will be hoping to see continued trend lower in crude builds and ongoing product draws in tonight's API data…

API

• Crude (more…)