BKR - Weekly oil supply/demand roundup - crude down ~$4.50 from last Friday's close

This week's DOE inventory update showed a larger than expected 5.6mb draw in oil and oil products (USO). TSA checkpoint numbers pointed to a ~7% increase in passenger volume week on week (JETS). California legislators proposed a $400 tax rebate to mitigate the impact of rising gasoline prices. China locked down Shenzhen, in hopes of slowing the spread of Covid. Conoco's (COP) Alaskan production fell ~37kb/d following a gas leak. The DOE reported that drilled-but-uncompleted well inventory fell by 156 in February (XOM). OPEC's core members hit monthly production growth targets for the first time this year (ARMCO). Marathon (MPC) restarted the Ozark pipeline, a week after the pipe was shut following a leak. Iran negotiations took a step forward, as the White House provided sanction exclusion guarantees for Russia. ENI (E) lowered medium-term production growth from 4% to 3%; an annual reduction of ~17kboe/d. Norway oil production for February missed

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Weekly oil supply/demand roundup - crude down ~$4.50 from last Friday's close