- Oil set to rise for a second week in a row
- WTI rose toward $110 a barrel, up 5% this week
- EU banning Russian crude and U.S.’s plan to refill its strategic reserves weighed on the oil price
- Backwardation remains in the oil curve; calendar spreads have widened out as the front of the curve outpaced that of the back
- U.S. announces plans to refill oil reserve
- DOE said it will call for bids this fall for companies to sell it 60 million barrels of crude
- Delivery window in 2023 to be when “oil prices and demand are expected to be significantly lower”
- EIA projects domestic output to increase by 820,000 b/d to 12.01 million bpd this year, before climbing to 940,000 b/d in 2023 to a record 12.95 million bpd
- “The growth profile that EIA has, and some of the other think-tank firms, I think it’s too aggressive over the next two years for U.S. oil production,” shale giant Pioneer Natural Resources’ CEO Scott Sheffield said on Thursday
- Oil industry's inflation is rising, and executives see little reason to anticipate cost pressures on everything from steel pipe to frack sand to abate anytime soon (Public guidance)