IMO:CC - Weekly oil supply/demand roundup - crude up ~$2.50 from last Friday's close

This week's DOE inventory updated showed oil and oil product stocks largely unchanged week on week (USO). TSA checkpoint data pointed to falling passenger volumes, down ~2% week on week and ~10% below 2019 levels (JETS). Pandemic-related lockdowns in China extended beyond Shanghai, to include parts of Beijing and other regions in the country. The Baker Hughes (BKR) oil directed rig count rose by three rigs on the week. A release by the Department of Energy showed US oil production in February down for the third month in a row, and 450kb/d below November 2021 levels (XLE). Russia's state news reported that production had fallen by ~1mb/d from March levels, and the Kremlin indicated that production could fall by ~1.8mb/d in 2022. Pioneer (PXD) pre-released details of Q1 earnings, and guided to lower Q2 production, on the back of frac-sand supply challenges. Hess (HES) reported Q1 results and guided to

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Weekly oil supply/demand roundup - crude up ~$2.50 from last Friday's close