Weekly oil supply/demand roundup - crude up ~$1.5 from last Friday's close
This week's DOE inventory updated showed a larger-than expected 9.4mb draw in oil and oil products (NYSEARCA:USO).
BP (NYSE:BP) reported earnings and guided to flat year-on-year production in 2022; however, the Company flagged a pivot away from US shale production growth.
Equinor (NYSE:EQNR) reported earnings and guided the market to 2% year-on-year production growth, as the Company's long-awaited Sverdrup Phase 2 comes online in Norway.
Total (NYSE:TTE) reported earnings and guided the market to 2% production growth in 2022, on the back of start ups in Brazil (NYSE:PBR) and Nigeria.
Whiting (NYSE:WLL) provided guidance for 2022, the company will increase capex 55% and acquire two assets to drive 3% production growth.
Oasis (NASDAQ:OAS) reported earnings and guided the street to a capex increase of 74%, though the Company expects to see volumes fall slightly in 2022.
The IEA released an updated outlook, raising demand forecasts for 2022 by 800kb/d (NYSE:VLO)
(NYSE:PSX) and flagging risk of 1.2mb/d in supply additions from the US this year.
OPEC+ released their monthly report, with production coming in below prior expectations (NYSE:XOM)
(NYSE:CVX).
The 450kb/d Ecuadorian pipeline that burst in late January came back online this week.
Iran negotiations continued this week, as ship tracking data indicated the Country's oil exports surpassed 1mb/d.
Russia signed a deal to sell ~740mb of oil to China's CNPC over 10 years.
Ed Morse from Citi advised clients to short the oil market, citing potential for 1mb/d of US supply additions in 2022.
A White House advisors indicated possibility for further strategic petroleum reserve releases, as the White House "works like hell" to lower gasoline prices.
The Baker Hughes (NASDAQ:BKR)
rig count released Friday showed oil-directed rigs higher by 19, the largest weekly increase this year.
TSA checkpoint data showed an 11% week-on-week uptick in throughput.
Nabors (NYSE:NBR)
reported, and guided the market to a 13% increase in lower-48 rig count during Q1, though the Company doesn't expect to add rigs internationally during the quarter.