- WTI rose to $109.21 after the EU's proposal to ban Russian Crude
- The embargo on Russian Oil would result in a 1.0 to 1.5 million b/d shortfall by the end of the year, according to JPMorgan
- OPEC+ agrees to a modest 432,000 b/d quota increase in June
- The EIA recorded a 1.3 million barrel build last week, with a 1.4 million barrel build at Cushing, OK
- The draws for gasoline and distillate were 2.2 million barrels and 2.3 million barrels, respectively
- Diesel inventories on the East Coast fell to a historic low of 9.1 million barrels per day
- Total distillate stockpiles declined to 105 million barrels; a fresh 14-year low
- United States Federal Reserve raised rates by 50 basis points and signaled further significant rate hikes ahead
- 10-year Treasury yields dropped from 2.96 % to 2.93 %. It had initially risen to 3.01 % until Powell's new remarks
- The Fed's key rate was raised to a range of 0.75 % to 1%, the highest level since the pandemic struck