BKR - Weekly oil supply/demand roundup - crude down ~$1.8 from last Friday's close

This week's DOE inventory update showed a larger than expected 12.6mb draw in oil and oil products (NYSEARCA:USO). TSA checkpoint numbers pointed to a ~13% increase in traffic week on week. UAE Energy minister said oil's price rise was attributable to geopolitics, indicating the Cartel would not be accelerating production increases. A draft Iran agreement pointed to a requirement for Tehran to reign in their nuclear enrichment program before oil-related sanctions would be waived. Continental (NYSE:CLR) reported earnings and guided to 3% organic production growth in 2022 and low-single digit growth through 2025. Devon (NYSE:DVN) reported earnings and guided to 2022 production volumes ~4% below Q4 2021 levels. Pioneer (NYSE:PXD) reported earnings and guided to 2022 production volumes ~8% below Q4 2021 levels. Marathon (NYSE:MRO) reported earnings and guided to 2022 production volumes ~1% below Q4 2021 levels. Magnolia (NYSE:MGY) reported earnings and guided to 2022 production volumes up "high single digits"

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Weekly oil supply/demand roundup - crude down ~$1.8 from last Friday's close