AOIFF - Weekly oil supply/demand roundup - crude up ~50c from last Friday's close

This week's DOE inventory updated showed a surprise build in oil and oil product inventories (USO). TSA checkpoint data pointed to rising passenger volumes, up 3% week on week but down ~11% from 2019 levels (JETS). Gasoline and diesel prices hit all time highs nationwide in the US this week. US east coast distillate fuel inventories fell to a 41-year low (VLO) (MPC) (PSX). The G7 announced plans to embargo Russian oil imports, a less severe measure than the EU-wide embargo proposed last week. The Baker Hughes (BKR) oil directed rig count rose by six rigs on the week. Official OPEC production results for April came in better than expected, and above target for the "core group of 10" members. North Dakota oil production rose 2.8% month over month in March (HES). Russian diesel exports from Black Sea and Baltic ports fell ~80kb/d in April, compared to February levels. Vermilion (VET)

For further details see:

Weekly oil supply/demand roundup - crude up ~50c from last Friday's close