- Saudi Arabia lowered its prices for its Asian-bound crude as virus dents India demand
- Aramco decreased its pricing for June shipments by between 10c and 30c per barrel
- The key Arab Light grade for Asia was cut to a $1.70/Bbl premium from $1.80 for May shipments. The reduction marks the first since December 2020
- COVID forecasters warn situation may escalate in the coming weeks
- The country has reported over 300k new cases for the 14th consecutive day, making the country the epicenter of the recent COVID surge
- Preliminary estimates suggest demand for transportation fuels may be down over 400 MBbl/d already, while this number could worsen if a national lockdown is implemented
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 2,644 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: - 450 MBbls
- U.S. Distillate Inventories: - 168 MBbls
- U.S. Refinery Utilization: + 0.47% change