According to TD Securities analysts, Crude oil has continued its impressive run higher, with WTI reaching as high as $62.99/bbl in recent days, while distillates, and to a greater extent gasoline, also performed very strongly.

Key Quotes

“Further evidence that OPEC+ cuts are having a deeper impact on US inventory levels has convinced investors to get more comfortably bullish on the energy sector throughout March.”

“As OPEC+ cuts are set to continue, while sanctions remain in place, issues in the Houston shipping channel get resolved and refiner utilization rates get back on track, inventories could be set for quite steep declines into April-May. In turn, prices could rally even further, potentially beyond $64/bbl in the near term.”