TTE - Weekly oil supply/demand roundup - crude up ~$1.5 from last Friday's close

This week's DOE inventory updated showed a larger-than expected 9.4mb draw in oil and oil products (NYSEARCA:USO). BP (NYSE:BP) reported earnings and guided to flat year-on-year production in 2022; however, the Company flagged a pivot away from US shale production growth. Equinor (NYSE:EQNR) reported earnings and guided the market to 2% year-on-year production growth, as the Company's long-awaited Sverdrup Phase 2 comes online in Norway. Total (NYSE:TTE) reported earnings and guided the market to 2% production growth in 2022, on the back of start ups in Brazil (NYSE:PBR) and Nigeria. Whiting (NYSE:WLL) provided guidance for 2022, the company will increase capex 55% and acquire two assets to drive 3% production growth. Oasis (NASDAQ:OAS) reported earnings and guided the street to a capex increase of 74%, though the Company expects to see volumes fall slightly in 2022. The IEA released an updated outlook, raising demand forecasts for 2022 by 800kb/d (NYSE:VLO) (NYSE:PSX)

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Weekly oil supply/demand roundup - crude up ~$1.5 from last Friday's close