- WTI is down 15c to $64.90/Bbl, and Brent is down 1c to $68.23/Bbl
- Largest U.S. refinery return to normal operations after Texas freeze
- Motiva, Port Arthur, the 607,00 MBbl/d refinery resumed normal operations after being shut down on February 15
- The refinery has been ramping up operations since February 24. Among the plants which could still see delayed restarts are ExxonMobil's Beaumont and Baytown refineries, Total's Port Arthur plant, and Marathon's Galveston Bay refinery, according to Platts
- PADD 3 refining ADU capacity outages still total 1.3 MMBbl/d, an improvement from 3.8 MMBbl/d at the freeze's peak
- Oil finds support after losing ground yesterday as Treasury Yields, U.S. Dollar pullback
- The U.S. Dollar Index (Ticker: DXY) retreated from its five-month high of $92.313 by 26 pips to $92.048
- Treasury Yields have whipsawed back and forth over the last several weeks. Most tenors reached a high on February 25 before retreating to finish the month of February. Since then, they have rebounded to approach or surpass their recent highs
- 2Y Treasury Yield: 0.1587% (03/08) up 31% since reaching 0.1211% on March 2
- 3Y Treasury Yield: 0.3283% (03/08) up 34.3% since reaching 0.2444% on March 2
- 5Y Treasury Yield: 0.8164% (03/08) up 23.8% since reaching 0.6594% on March 2
- 7Y Treasury Yield: 1.2282% (03/08) up 16.1% since reaching 1.0576% on March 2
- 10Y Treasury Yield: 1.5385% (03/08) up 10.6% since reaching 1.3914% on March 2
- Libya's state-owned NOC vows to increase production, work in cooperation with the government
- Libya has increased output from almost zero in September to 1.3 MMBbl/d. Further increases in output are likely to be stymied by ailing infrastructure in the war-torn country
- The goal is to increase daily output to 1.45 MMBbl/d by the end of 2021, to 1.6 MMBbl/d within two years, and 2.1 MMBbl/d within four years