RNFTF - Weekly oil supply/demand roundup - crude up ~$24 from last Friday's close

This week's DOE inventory update showed a larger than expected 6.3mb draw in oil and oil products. TSA checkpoint numbers pointed to a ~3% reduction in passenger volume week on week. Western countries announced a ~60mb strategic petroleum reserve release. Pioneer's (NYSE:PXD) CEO indicated the shale patch could grow production ~10% annually for three years, and that his Company would be willing to join in any coordinated effort to raise production. Self sanctioning was estimated to reduce Russian exports by ~2.5mb/d this week (OTCPK:RNFTF). The EU commission planned to introduce a windfall tax for European energy producers. The Baker Hughes (NASDAQ:BKR) US oil directed rig count fell by 4 this week. The Baker Hughes (BKR) International rig count rose by 37 rigs in February, but fell in all regions outside of North America. OPEC+ stuck to previously agreed upon production plans, despite speculation the group could accelerate production growth at this month's meeting.

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Weekly oil supply/demand roundup - crude up ~$24 from last Friday's close