Weekly oil supply/demand roundup - crude down ~$5.00 from last Friday's close
This week's DOE inventory update showed a surprise draw in oil and oil products of 12.8mb (USO).
TSA checkpoint data pointed to mixed passenger volumes; flat week on week and down ~9% versus 2019 (JETS).
China's oil product demand is expected to fall 20% year on year in April, according to Bloomberg sources.

Italian oil product demand surpassed 2019 levels for the first time since the pandemic began, according to Bloomberg (E).
Blended refining margins made new year-to-date highs this week, according to Valero (VLO) indicators.
The Baker Hughes (BKR) rig count showed oil-directed rigs rising by 1 on the week.
Norway's oil production in March missed targets by 181kb/d.
Drilled but uncompleted wells continued their rapid decline in March, according to the DOE.
Libya announced force majeure at several export terminals, as protests took ~500kb/d of oil production offline.
Petrobras (PBR) and Equinor (EQNR) started production at Roncador five months ahead of schedule, adding 20kb/d of supply.