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WTI crude closed on Tuesday over $70 per barrel for the first time since October 2018. Also on Tuesday, the EIA raised their oil price forecast for 2021 but lowered it for 2022. While it is notable the EIA raised their forecast price, their expectation of $68 per barrel is still lower than yesterday’s close. In the closely watched inventory front, the API reported a decline in Crude stocks but builds in Distillates and Gasoline. This sets the stage for the EIA’s weekly report on Wednesday. Expectations are for a decline of 3MM barrels of crude and builds of 1MM barrels of Gasoline and.4MM of Distillates.