- Oil prices received a lift on the expectation that U.S. oil stocks will record another large draw
- The American Petroleum (API) reported a crude inventory draw of 6.1 MMBbl on Tuesday for the week ended Sept. 17
- U.S. government data is due later this morning, with the average Bloomberg survey estimate calling for a 3.0 MMBbl draw
- ConocoPhillips purchase of Shell’s Permian assets will make it the second-largest producer in the basin, according to Enverus
- The acquisition included about 225k net acres in Texas, in addition to over 600 miles of operated crude, gas, and water pipelines and infrastructure (Argus)
- ConocoPhillips plans to boost non-core asset sales to $4-$5 billion by 2023 from the previous goal of $2-$3 billion – mostly from the Permian
- OPEC nations are warning of the knock-on impact on oil markets as the globe deals with a natural gas crunch (Bloomberg)
- Iraq expects higher demand for crude as the shortfall of gas forces consumers to look for alternative fuels, Oil Minister Ihsan Abdul Jabbar said today
- Nigeria’s state oil firm predicts that petroleum demand could be boosted by 1 MMBbl/d, with prices potentially gaining over $10/Bbl for the next six months