- The IEA cut the global oil supply forecast by 710 MBbl/d to 98.1 MMBbl/d in its monthly report for May
- Russian supply was down 1 MMBbl/d in April and is forecasted to grow to ~3 MMBbl/d in the second half of the year
- OPEC's April oil output increased by 0.05 MMBbl/d as Saudi Arabia and Iraq increased their flows, offsetting Libya's losses
- World oil consumption is expected to climb by 3.6 MMBbl/d from an April low through August as Chinese restrictions ease, summer driving picks up, and jet fuel continues to rebound
- EIA reported a build of 8.5 MMBbl of commercial crude inventories for the week ending May 6
- Distillate inventories fell to 104 MMBbl, the lowest level since May 2005, according to EIA, as US refining capacity and Russian imports plummeted
- Stockpiles of gasoline fell 3.6 MMBbl to 225 MMBbl ahead of the peak summer driving season
- Yesterday, the average retail price of gasoline and diesel both hit fresh highs of $4.404/gal and $5.553/gal, respectively