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- Data released by the US Energy Information Administration (EIA) on Wednesday showed that US crude oil inventories unexpectedly fell sharply last week, with gasoline inventories lower than expected. The data showed that crude oil inventories in the United States decreased by 12.456 million barrels to 455.17 million barrels in the week ending May 19th, marking the largest drop since November 2022. The market had previously expected an increase of 800,000 barrels.
- Colombia’s oil regulator announced on Wednesday that the country’s proven oil reserves have increased slightly over the past year, reaching 7.5 years of consumption. The country is seeking more drilling targets, especially offshore fields.
- Consultancy firm Facts Global Energy estimates that about 350,000 barrels of US crude oil are waiting to be delivered against Brent pricing benchmarks, and WTI Midland has become the first non-North Sea grade crude oil to be included in this world’s most important crude oil benchmark.
- UBS expects stronger US gasoline demand this summer compared to the same period last year, with falling gasoline prices. The bank pointed out that consumer “resilience” and the upcoming Memorial Day weekend travel increase will boost demand, but gasoline prices will be lower than the average $4.34 per gallon during the same period last year.
- Kaztransoil, the operator of Kazakhstan’s oil pipeline, said on Wednesday that the country plans to ship 100,000 tons of crude oil to Germany via the Druzhba Pipeline in Russia this month.
- According to the latest shipping and port data, the inventory of refined oil at the Port of Fujairah in the UAE saw its first decline in three weeks as a result of increased exports of fuel oil for power generation and shipping.
- According to the international news agency Interfax, Russian regulators say they are ready to support restrictions on gasoline exports from Russia.
