WTI settles down 14-cents to $83.91/barrel
WTI fell as low as $82.92 today but climbed $1 off the lows in yet-another example of buying interest on dips. It's been so consistent that it's tough for me to envision that it's anything but real money buying of crude because the market is tight. The growing backwardation in the market says the same thing.
On the fundamental side, we get API data later today then EIA supplies tomorrow as Cushing gets tighter. The main event is Thursday and OPEC+ but all signs point to an extension of the agreement and another 400k bpd.
Here's the BofA note calling for $120 brent by the middle of 2022 in crude oil .