- Oil is trading higher, around $74.40, heading for a weekly gain
- Following yesterday’s crude inventory report from the EIA, US inventories are about 3% below the five-year average
- About 15% or 1.5 MMBbl/d of Gulf Coast refining capacity was shut in, due to the freezing weather, which could lead to a heavier spring maintenance season
- Chevron’s Kazakhstan expansion could be delayed to 2025 (BBG)
- A project to expand production at a Chevron-owned oil field in Kazakhstan may be delayed to Q2 2025 due to slower-than-expected implementation of the final stages of the project
- The project, which has gone significantly over budget, is expected to increase production by 260 MBbl/d, bringing total production from the field to 880 MBbl/d
- Another ship attacked in the Red Sea (BBG)
- Militants fired two anti-ship missiles at an American-owned and Greek-operated chemical tanker in the Red Sea
- The US military has continued to strike targets inside Yemen in an attempt to degrade the military capabilities of the Houthis
- Nearly 9 MMBbls of crude shipments from Saudi Arabia and Iraq have been delayed by more than two weeks as the tankers are forced to take longer routes
