- Iran nuclear talks resume, as diplomats convened for the fourth round of negotiations to have Iran adhere to its nuclear agreements in exchange for sanctions relief
- According to Bloomberg, a U.S. diplomat said on Thursday, “that an agreement could be reached this month
- AEGIS notes that if sanctions are removed on Iran then up to 1.5 MMBbl/d of supply could return to the market
- U.S. demand for jet fuel slated to jump 20% in June, to exceed 1 MMBbl/d - (Bloomberg)
- Demand over the next four weeks stands at around 850 MBbl/d, as implied by scheduler passenger flights
- Domestic flights will account for 80% of demand, as the COVID-19 situation has limited international demand
- USGC refining margins sustain record-highs not seen since Hurricane Harvey in 2017 - (Argus)
- Gulf coast refining margins, as measured against WTI Houston crude based on a 3-2-1 yield, rose to $18.90/bl this week, the second-highest level since September 2017
- Refinery runs have increased since Winter-Storm Uri but remain below pre-COVID levels. A strong surge in gasoline demand this summer could give refiners the boost needed to reach pre-COVID levels