Weekly oil supply/demand roundup - crude up ~$2.5 from last Friday's close
On the back of three weeks of record draws, this week's DOE inventory update showed a substantial 8.8mb build in crude and oil products (NYSEARCA:USO); however, many dismissed the build as transitory, given over 100% of the stock build came from gasoline, during an unusual holiday week.

OPEC+ announced plans to increase oil supplies by 400kb/d in February; however, a Reuters survey of December production showed the Cartel falling behind targets.
An uprising in Kazakhstan led to production and offtake issues at Chevron's (NYSE:CVX) 600kb/d Tengiz project, though details of scale/scope remain vague.
Libya took 200kb/d of supply off the market last weekend for planned maintenance activity, and latest reports indicate maintenance is complete and production is ramping; note, the ~300kb/d of production taken offline by militants in December remains offline.
Oman announced plans to increase production to 1.05mb/d in 2022, from ~800kb/d in November; Oman is not a member of the OPEC+ Cartel.
A pipeline malfunction in Ecuador that knocked ~380kb/d of supply offline in December has been repaired, and production has largely recovered as of today.
The ~500kb/d Keystone Pipeline out of Alberta was taken down briefly this week, though returned to service within ~48 hours.
Baker Hughes (NASDAQ:BKR) rig count was nearly flat for the second week in a row, perhaps driven by frigid weather in North Dakota and year-end logistics challenges.
A long list of oil executives at the Goldman Sachs energy conference stuck to the mantra of lower capex, modest growth and higher shareholder returns; though EOG (NYSE:EOG) appeared to break ranks (NYSE:PXD)
(NYSE:DVN)
(NYSEARCA:XLE).
GasBuddy data showed US gasoline demand down 7% WoW, likely the driver of the large gasoline inventory build, and perhaps transitory on holiday-related travel changes.
No shortage of surprises in the first week of 2022, with supply looking tempered for now, and questions surrounding demand unanswered.