- The U.S. Energy Information Administration releases its latest short-term energy outlook, raising its forecast on U.S. crude oil production for 2017 and 2018.
- The EIA forecasts U.S. crude production will average 9.2M bbl/day in 2017, up from the previous forecast of 8.9M bbl/day, and it sees 2018 production at 9.7M bbl/day, above the previous forecast of 9.5M.
- EIA expects a relatively balanced global oil market in the next two years, with inventory builds averaging 100K bbl/day in 2017 and 200K bbl/day in 2018.
- Global oil inventories fell at a rate of nearly 1M bbl/day in February, which would be the third largest monthly decline rate since the beginning of 2014.
- ETFs: USO, UNG, OIL, UGAZ, UCO, DGAZ, SCO, BNO, BOIL, DBO, GAZ, DTO, USL, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM