- Oil prices fell over 5% as Russia said it would sharply cut military operations near Kyiv
- Russia’s defense minister said his country would reduce military action near Kyiv and Chernihiv following negotiations aimed at de-escalating the war
- Tuesday’s losses follow an almost $8/Bbl decline on Monday
- The WTI Midland crude differential rallied the most since April 2020 on Monday (Bloomberg)
- The Midland cash spread to Cushing rose 90c/Bbl to +$1.20/Bbl yesterday
- West Texas oil strength comes as prices of the benchmark at Cushing come under intense selling pressure
- OPEC leaders said the U.S. must trust OPEC+’s strategy, as consuming nations call on OPEC to boost production
- UAE energy minister said, “we know what we’re doing”
- OPEC+ meets on Thursday to decide on output levels for May
- The group so far have signaled they see no need to divert from their policy of small increases in output per month