TTE - Weekly oil supply/demand roundup - crude up ~$5.50 from last Friday's close

This week's DOE inventory updated showed a surprise build in oil and oil product inventories (NYSEARCA:USO).  TSA checkpoint data pointed to falling passenger volumes, down ~1% week on week and ~12% below 2019 levels (JETS).  Marathon (MPC) reported Q1 results, announcing plans to increase Q2 throughput to meet rising demand. The diesel fuel price at the pump hit a record high nationwide this week. EU Commission plans to announce an oil embargo against Russia were slowed, as Hungary and Slovakia resist the measure. President Biden announced plans to partially refill the SPR, with 60mb to be purchased in future years. The Baker Hughes (BKR) oil directed rig count rose by five rigs on the week. OPEC+ accelerated production growth plans for June, after missing March targets by ~85%. Petrobras (PBR) and Total (TTE) began producing from the Mero field. EOG (EOG) reported Q1 results, pointing to rising Q2 production and maintaining

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Weekly oil supply/demand roundup - crude up ~$5.50 from last Friday's close