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

May 06, 2022 3:37 PM ETThe United States Oil ETF, LP (USO)WTI, MPC, TTE, PBR, CTRA, SHEL, BP, APA, EOG, COP, PXD, JETS, BKRBy: Nathan Allen, SA News Editor14 Comments
  • 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 annual production guidance.
  • Pioneer (PXD) reported earnings, flagging falling QoQ production into Q2, but maintaining annual production guidance; CEO Sheffield said US oil production forecasts remain too high.
  • Conoco (COP) reported Q1 results, flagging falling QoQ production into Q2, but maintaining annual production guidance while lifting capex guidance.
  • Apache (APA) reported Q1 results, flagging 2.7% lower QoQ production into Q2, and raising capex on increased activity.
  • BP (BP) reported Q1 results, flagging lower QoQ production into Q2, with CEO Looney indicating that Russian oil production had fallen by 1mb/d and would likely fall by another 1mb/d in May.
  • Shell (SHEL) reported Q1 results, flagging 9.0% lower QoQ oil production into Q2 on Gulf of Mexico maintenance; CEO Ben van Beurden said "we are not seeing demand destruction."
  • Coterra (CTRA) reported Q1 results, flagging 2.3% lower QoQ production into Q2.
  • W&T (WTI) reported Q1 results, flagging falling production, net of acquisitions, for Q2.

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