The Only Takeaway From This Report: The SPR Release Was Not Big Enough -- May 17, 2022

Link to Julianne Geiger. 

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.