- WTI crude oil is on track for its strongest showing in 20 months, up as much as 2.2% at $54.95/bbl, after OPEC's secretary general says members implemented ~90% of pledged production cuts in January and that oil inventories would decline further this year.
- “Anything less than 100% is not satisfactory” and OPEC expects to achieve that level “in due course," Mohammad Barkindo tells Bloomberg.
- The pace of the decline in global oil stockpiles, which OPEC wants to see fall back in line with the five-year average, will determine hether the cartel would need to extend the agreement beyond its initial term of six months, or even to deepen the cuts, Barkindo says.
- Money managers now hold the highest volume of net long Brent futures and options on record, according to InterContinental Exchange data, betting on higher prices to come; net long U.S. crude futures and options positions also are at a record high, U.S. data showed on Friday.
- ETFs: USO, OIL, UCO, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM