Commodity Market Report

North America Crude Markets short-term outlook: March 2021

08 March 2021

Get this report

$3,500

You can pay by card or invoice

Share link

Contact us

Submit your details to receive further information about this report.

First name
Last name
Company
Email
Telephone

Region

Message

Consent

Please keep me informed about Wood Mackenzie products, services and events.

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

08 March 2021

North America Crude Markets short-term outlook: March 2021

Report summary

All market eyes this month were on the surprise cautious approach taken by OPEC+ in returning production to the market. This notably sent WTI prices briefly above $67/bbl for the first time in nearly five years. Highlights North America Crude Market short term outlook include: • How has the USGC oils complex rebounded from the late February freeze? • Latest views on L48 supply post corporate 4Q earnings season commentary • Adjusting expansion capacity of the Keystone pipeline in 2021 – what are the effects on WCS pricing? • Latest views on impacts of a tighter than expected global market on US inventories

The Texas freeze
US Lower 48: winter storm impact was severe but short-lived
- Impact of severe winter storm
- Operator guidance
Permian production quickly rebounds
Gulf Coast bound pipeline flows restored
Gulf Coast refining capacity lags behind
Overall winter storm inventory impact neutral to slight positive