- Oil is trading higher by more than $1, near $75
- Yesterday the US struck additional targets in Yemen as tensions in the Middle East continue
- The CEO of Maersk said that shipping in the Red Sea is becoming increasingly dangerous as attacks on vessels continue
- The US dollar is trading lower, which should support crude prices, along with equity markets trading higher
- The Chinese government is looking to establish a market stabilization fund as they look to support the weakening Chinese economy
- Yesterday the US struck additional targets in Yemen as tensions in the Middle East continue
- SPR refill complicated by a preference for heavy oil grades (BBG)
- The Department of Energy has been slowly refilling the Strategic Petroleum Reserve over the last year, but much of the oil produced in the US is too light to be mixed with the heavy crude held in the SPR
- The DOE recently canceled an order to purchase 1 MMBbl of crude from Macquarie because it contained light crude from the Eagle Ford
- This is complicated by the OPEC cuts, which have reduced the supply of heavy crude in the global market
