- Oil is trading lower by nearly $1.50 to $82, reversing some of the gains made over the past week
- Market participants may be shifting their focus to the Federal Reserve meeting later today and the US crude inventory report
- The Federal Reserve is expected to keep rates unchanged for a fifth consecutive meeting
- The API estimates US crude inventories fell by 1.5 MMBbls last week
- Sudan declares force majeure due to pipeline rupture (BBG)
- 150 MBbl/d of crude exports from South Sudan could be at risk after an oil pipeline ruptured in a “military operations area”
- Sudan’s oil infrastructure has been under threat since the start of the civil war last year
- The country of South Sudan ships crude to Sudan for export, but so far this month, only 1.2 MMBbls of oil have been loaded compared to 2.2 MMBbls in February and nearly 6 MMBbls in January
- Market participants may be shifting their focus to the Federal Reserve meeting later today and the US crude inventory report
