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The Eurozones February PPI and retail sales figures will be released in ten minutes.April 8 - According to Iranian sources, an explosion occurred at the Ravan oil refinery in Iran on April 8 local time. The cause of the explosion is still unclear.The Israeli military issued a warning that it would evacuate seven neighborhoods in the southern suburbs of Beirut in light of the possibility of an attack.April 8th - On March 31st, the National Energy Administration held a monthly (March) scheduling meeting for the development and construction of renewable energy power nationwide. The meeting emphasized that this year, the first year of the 15th Five-Year Plan, requires focusing on the following key tasks: First, continue efforts to further expand investment. Second, coordinate and improve the integration of new energy sources. Local energy authorities should coordinate the development of imported electricity and local new energy sources, strengthen the fulfillment of long-term power purchase agreements, and stabilize expectations for new energy power consumption; power grid companies should increase grid investment, optimize dispatch management, and continuously improve the capacity for new energy consumption; power generation companies should make rational judgments and plan project layouts appropriately. Third, promote the development of new models and new business formats based on local conditions. Local energy authorities should explore new models and new business formats such as green power direct connection and zero-carbon industrial parks, based on local energy endowments and industrial structures, and continuously expand the space for non-electricity consumption of new energy. Fourth, enhance the market competitiveness of new energy enterprises through both internal and external efforts. The full participation of new energy enterprises in market transactions is an inevitable trend.According to Irans Mehr News Agency, an explosion occurred at Irans Ravan oil refinery, but the source of the explosion is still unclear.

Crude Oil Supplies in the United States Grow After the Release of Strategic Reserves

Aria Thomas

Apr 14, 2022 09:30

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"The significant increase in crude oil inventories is certainly the most significant factor," said John Kilduff, a New York-based partner at Again Capital LLC. "However, the concurrent declines in gasoline and distillate fuels countered any negative input from the crude data."


The US will release 180 million barrels from its reserves over the next six months in an attempt to cool soaring oil prices caused by a supply shortage caused by Russia's invasion of Ukraine in February. Russia is the world's second biggest exporter, after only Saudi Arabia, with daily crude exports ranging between 4 and 5 million barrels.


Analyst estimates vary, but the shortage is expected to be between 1 and 3 million barrels per day. The United States' output is increasing, but not quickly enough to offset all of those losses. The US Energy Information Administration projected Tuesday that the United States' production would increase by 820,000 barrels per day to 12.01 million bpd in 2022.


Gasoline inventories in the United States declined by 3.6 million barrels, contrary to estimates for a 388,000-barrel decline.


Stockpiles of distillate fuel, which includes diesel and heating oil, decreased by 2.9 million barrels to 111.4 million barrels, the lowest level since 2014.


Diesel and jet fuel inventories have been declining as a result of robust international demand and stable economic activity. This week, product exports increased to a record 6.8 million barrels per day.


Crude oil refinery runs decreased by 425,000 barrels per day, while refinery utilization rates decreased by 2.5 percentage points to 90% of total capacity.

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