- The U.S. DOE has offered to sell up to 40.1 MMBbls of crude oil from the SPR as part of the scheduled release announced in March
- The agency will release up to 39 MMBbls of sour crude for supply from July 1-August 15
- DOE also said the remaining 1.1 MMBbls would be sweet crude for delivery between June 21 and 30. Bids are due on June 1st, and awards will be made by June 10th
- Saudi Arabia's foreign minister Prince Faisal bin Farhan said that the country could do nothing more to help oil markets, speaking on a panel at the World Economic Forum in Davos, Switzerland
- He added that the oil market "is relatively in balance," despite requests for the country to increase crude production
- According to OPEC data, Saudi Arabia pumped 10.35 MMBbl/d of oil in April, with the country increasing output by around 100 MBbl/d each month to meet its quota under the OPEC+ agreement. But that's still a lot less than its declared capacity of 12.5 MMBbl/d
- The American Petroleum Institute estimated a crude inventory build of 0.6 MMBbls for the week ending May 20, with a 0.7 million MMBbls draw at Cushing
- The API reported gasoline and distillate draws of 4.2 MMBbls and 0.9 MMBbls, respectively
- Gasoline stockpiles are at the lowest level for this time of the year since 2013
- EIA inventory data is scheduled to be released later today