Crude Oil Prices Finish Sharply Higher Amid Tightening Global Supplies

What we drew from this source

The claims Via News extracted from this document. We point to the source; we don't replace it.

• The US has proposed a temporary waiver on Iran oil sanctions until a final peace agreement is reached

  60% confidence

• US crude oil inventories as of May 8 were -0.3% below the seasonal 5-year average; gasoline inventories were -4.3% below; distillate inventories were -9.4% below the 5-year seasonal average; US crude production rose 1.0% w/w to 13.710 million bpd

  60% confidence

• Crude output in the Persian Gulf has been curtailed by about 14.5 million bpd; the current disruption has drawn down nearly 500 million bbl from global crude stockpiles, which could hit a billion bbl by June

  60% confidence

• Global observed oil inventories declined at about 4 million bpd in March and April; the market will remain severely undersupplied until October, even if the conflict ends next month

  60% confidence

• The territorial issue remains unresolved with Ukraine and there is no hope of achieving a long-term settlement to the war until Russia's demand for territory in Ukraine is accepted

  60% confidence

• Crude oil stored on tankers that have been stationary for at least 7 days rose 2.7% w/w to 105.11 million bbl in the week ended May 15

  60% confidence

• Russia is dragging out the war

  60% confidence

• Pakistan has deployed 8,000 troops, a squadron of fighter jets, and an air defense system to Saudi Arabia as part of a mutual defense pact, a deployment described as a substantial, combat-capable force

  60% confidence

• Gasoline prices will stay above $3 until 2027

  60% confidence

• OPEC aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September

  60% confidence

• Active US oil rigs in the week ended May 15 rose by 5 to 415, modestly above the 4.25-year low of 406 set in the week ended December 19; US rig count has fallen sharply from the 5.5-year high of 627 rigs reported in December 2022

  60% confidence

• Despite draft changes, US demands for ending the war were excessive and unrealistic

  60% confidence

• More than 80 energy facilities had been damaged during the conflict; recovery could take as long as 2 years

  60% confidence

• The clock is ticking on Iran and it better get moving FAST on a peace deal, or there won't be anything left of them

  60% confidence

Data points we hold from this source