- Oil is trading lower ahead of the EIA inventory report, around $81.15
- The API forecasts a storage build of 9.3 MMBbls, with a 2.2 MMBbl build in Cushing inventories
- WTI second-month volatility has fallen to the lowest level since late 2019
- Jet fuel futures in Asia are now trading in contango, which could signal near-term demand weakness in Asia
- Indian buyers of Venezuelan crude halt purchases amid sanctions (BBG)
- With the US sanctions waiver expiring next month, Indian buyers have stopped purchasing oil from Venezuela to avoid any complications
- Indian refiners, along with US refiners, ramped up imports of Venezuelan oil last fall due to a six-month waiving of sanctions by the US
- This could add to supply pressures for India, which has also had issues with Russian crude supply
