Energy Report: Oil March Madness

Tighter natural gas supplies along with other issues are making commodities more expensive. Zero Hedge reports that the virus pandemic has upended global supply chains and produced shortages of certain commodities, sending spot prices sky-high. The latest shortage is steel, where many U.S. manufacturers are having difficulty procuring cold-rolled and hot-rolled steel from mills, reported Reuters. Now steel shortages are sending spot prices through the roof. The latest round of disruptions in the steel industry is impacting America's manufacturing heartland, where an aerospace parts maker in California struggles to find cold-rolled steel, while auto and appliance parts manufacturers in Indiana are having trouble securing hot-rolled steel. 

The oil market will look to the OPEC Plus meeting to see how they plan to raise global oil production. Without U.S. shale being a threat as it is being restrained by the Biden administration, they will have more sway on global supply and price. Amena Bakr the Deputy Bureau Chief & Chief Opec Correspondent of Energy intel says that OPEC plus may discuss this week: the total supply to be distributed over April, May and June is around 2.3m bpd. So perhaps 1.4m in April, and the remainder divided between May and June. 

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