IEA’s latest Monthly Oil Market Report called for Opec to maintain current production levels of around 30 mmb/d amid developed world demand resurgence that has depleted OECD oil inventories by 1.5 mmb/d in the last three months of 2013, the steepest quarterly decline since 1999. “At this time of year, when the global oil market enters a season of lower demand, it is common for market participants to worry about excess supply or the perceived need for Opec production cuts,” the report said. “Such concerns today would be particularly misplaced, as the market needs to replenish exceptionally low stocks.”  [Financial Times]

This piece illustrates how different incoming Senate Energy and Natural Resource Committee Chair Sen. Mary Landrieu (D-La.) is from the outgoing Sen. Ron Wyden (D-Ore.). “Landrieu favors building the Keystone XL pipeline, protecting tax breaks or incentives for oil drilling, and placing limits on the power of federal agencies to set mercury or carbon dioxide guidelines for coal-fired power plants. Wyden takes the opposite position on all those issues.” [Washington Post]

Nymex natural gas futures surged yesterday after the EIA storage report showed a withdrawal of 237 Bcf, the largest decline since 2007. “Surging demand has depleted U.S. gas stockpiles to the lowest level for the time of year since 2004 even as rising output from shale deposits pushes production to record levels. Gas output in 2014 may climb 2.2 percent, gaining for a ninth consecutive year.” [Bloomberg]