- Oil prices weakened despite the large inventory drawdown reported by the EIA on Wednesday
- The EIA reported a draw of (-) 7,990 MBbls for the week ending April 30, well above the estimate of a (-) 2,644 MBbls draw
- Inventories for the U.S. are now at a deficit of 42.514 MBbls to last year and a deficit of 9.69 MBbls to the five-year average
- Iraq brokers secret Saudi—Iran talks, as nuclear pact negotiations remain underway
- World powers are currently holding talks to resurrect the 2015 nuclear deal with Iran, where Iran will limit its nuclear activity in exchange for sanctions relief
- Iraq has served as a mediating force in the region recently, brokering talks between the U.S. and Tehran administrations, and other regional powers
- Jet fuel demand is set to see a 30% demand spike, as pent-up demand returns this summer (Bloomberg)
- The EIA projects that jet fuel demand will be up 30% from 1Q2021 levels and is projected to reach 1.47 MMBbl/d in 3Q2021
- According to the TSA, the number of passengers to pass through security checkpoints has increased from an average of 913k in January to over 1,377k in the last 30 days