- OPEC+ is expected to reaffirm plans to boost oil production when they meet next week
- Twenty of 24 analysts and traders surveyed by Bloomberg predict that OPEC+ will confirm and agree on an increase of 840 MBbl/d scheduled for July, completing a three-part process to increase output by 2 MMBbl/d
- Bloomberg reported several of the OPEC+ delegates who asked not to be identified said the same
- In a May 26 report, Citigroup said OPEC+ might rethink their planned rise in supply for July amid the Iran nuclear talks
- Oil prices regained early morning losses on Wednesday after the EIA reported a crude and product draw for the week ended May 21
- The EIA reported a 1.66 MMBbl withdrawal in US crude inventories, a similar amount to the previous day’s API estimate
- Stocks at Cushing fell 1.0 MMBbl
- US gasoline stocks dipped by 1.7 MBbl to 232.5 MMBbl – close to the lowest level in the past five years for the same week
- Refinery utilization rose 0.7% to 87% nationally
- Utilization is underperforming versus previous years, excluding 2020. A more normal utilization percent for the same week is closer to 92% or 1.5 MMBbl/d higher inputs