- WTI is trading down $0.79c at $100.91 per barrel
- U.S. oil production was at 11.9 million barrels per day as of April 15, still somewhat lower than pre-pandemic levels. Meanwhile, the number of Baker Hughes oil-directed rigs jumped to 695 compared to 438 last year
- Crude inventories, excluding the SPR, decreased by 8 MMBbls for the week ending April 15, according to the EIA
- API reported an increase in crude stocks of 4.784 million barrels for the week ending April 22, in contrast with the Bloomberg survey estimate of -225 MBbls
- Diesel futures hit reaches an all-time high
- NYMEX’s ultra-low sulfur diesel futures finished at $4.4679 per gallon, breaking the previous high set since the United States formally sanctioned Russian oil
- New York Harbor inventories are at their lowest in two decades
- Germany's Economy Minister, Robert Habeck, stated that the country's dependency on Russian oil has been reduced to the point where a full ban would be "manageable." (BBG)
- Crude imports from Russia have dropped to 12% of overall imports, down from 35% before the invasion of Ukraine
- The EU is still considering a possible continent-wide ban on Russian crude