The price of a WTI barrel soared to heights not seen since November as the market braces for an OPEC+ decision on oil production levels in April and beyond. Behind the rise in price is the market’s anticipation that OPEC+ will extend its voluntary production cuts for the next quarter and the volatility that could come from updated U.S. crude oil and crude products inventory data that will be released from the American Petroleum Institute (API) at 4:30 pm ET on Tuesday. WTI prices are now at their highest level since early November 2023. The market is anxiously awaiting a decision from OPEC+ on the plan for Q2 2024. The group has yet to divulge a date when it will meet to discuss the issue with its members, although April is quickly approaching. OPEC+ will need to determine whether it will stay the course and extend the current voluntary production cuts into the second quarter, whether it will deepen the cuts, or whether it will scale them back or scrap the cuts altogether. Most industry watchers favor the first option, arguing that OPEC+ has no choice but to extend the current level of production cuts if it wants to keep prices from falling. This weeks price rise does provide OPEC+ with a bit of cover, although OPEC+ still insists it is not managing prices but managing supply based on market needs. NN: OPEC has got a big problem here. Any perceived market tightness is VERY TEMPORARY. All we are seeing is 10 to 15 day delay as oil avoids the red s ea. A lot of DELAYED cargoes none lost start arriving this month. And as we continue to publish Europe and China are in a real slow down. Add to that the Middle East is as ugly as it gets. And no oil has been lost to that war. So the two variables are OPEC extending production cuts and peace in the middle east. OPEC is widely expected to extend production cuts. But at $84 Brent no one is going to comply with the cuts. And they are over their dream price. In the Israel Hamas war i believe its run its course. Biden is about to step on Israels dick and shut off its water. THE MARKET IS SOON A SELL. WAIT FOR PEACE IN THE VALLEY