Cuts global oil demand growth by 200,000 b/d on China, US Trims US oil supply by 100,000 b/d to 11.91 mil b/d in 2022 EU oil ban would lead to a tighter market, higher prices: EIA US retail diesel prices are expected to hit a fresh record high in May, averaging $5.61/gal, the Energy Information Administration said May 10, as it also raised the summertime US gasoline price outlook.
Higher activity by long-haul truckers and oil and gas drillers has raised diesel demand, EIA said. US distillate stocks fell 9.4 million barrels, or 8%, in April to levels 24% below the five-year average, EIA said. Distillate exports are contributing to lower stocks, with preliminary April net exports of 1.3 million b/d marking the highest US net exports since September 2019. EIA said possible demand destruction […]