EU Commission Unlikely to Vote on Russian Oil Embargo at Upcoming Meeting
May 25, 2022
The energy markets are closed on Monday May 30th for Memorial Day. There will be no forward contracting that day as markets are closed.
The API said that crude oil stocks were up 567,000 barrels, gasoline stocks were down 4.2 million barrels and distillates were down 949,000 barrels.
The average estimates for today’s DOE inventory report from the Bloomberg survey are for crude oil stocks to be down 1.851 million barrels, gasoline stocks down 1.293 million barrels and distillates stocks up 662,000 barrels.
The estimate for the propane inventory update today is to see a build to propane supplies of 1.7 million barrels.
The following is from John Kemp of Reuters: Caterpillar is the world’s largest maker of machines for the construction and mining sectors, as well as a range of transportation equipment. Caterpillar is a bellwether for heavy industry and its share price is closely correlated with the business cycle. The company’s share price has gone down by 15% compared with the same month last year, a decline that suggest a slowdown is already underway.
US Energy Secretary, Jennifer Granholm, said US President Joe Biden has not ruled out using export restrictions to ease increasing domestic fuel prices.
The European Union Commission President, Ursula von der Leyen, said European Union leaders are unlikely to strike a deal on an oil embargo against Russia at their summit on Monday and Tuesday. The Commission has proposed phasing out Russian oil imports by the end of the year in most EU member states, while Hungary and others could be given more time.
The US Treasury Department is getting ready to renew in the coming days Chevron Corp’s license to operate in Venezuela but likely without the greatly expanded terms the US oil major sought.