API:
- a draw of 2.445 million bbl crude oil; forecast: 1.533-million-bbl build.
- market anticipates a resurgence in oil demand from China as Shanghai starts to re-open.
- US crude oil production fell to 11.8 million bopd, week ending May 6, 2022, the first drop since the end of January -- the Biden policies must be working to shut down Big Oil
- but there was some good news: distillate stocks saw a build of 1.075 million bbls -- not often do we see a build in distillates.
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