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Americas Daily Oil Summary: US Closes Northeast Gasoline Reserve

OIL

The Biden administration is putting its cache of 1m bbl of gasoline on the market, after being ordered to liquidate the reserve by congress.

  • The Energy Department added that it was timed to help supress gasoline prices during summer driving season.
  • The crude tanker, Dubai Angel, arrived at the Westridge Marine Terminal in Vancouver on Monday, preparing to load the first cargo from the expanded TMX pipeline according to LSEG.
  • ExxonMobil’s Joliet refinery had a fire inside a unit on Saturday according to a company spokesperson cited by Bloomberg.
  • Petroecuador is offering 4 cargoes of heavy sour Napo crude for June loading. Each cargo is 360k bbl. Bids are due May 31.
  • Greenback: USD Index up 0.11% at 1247.84
  • In a Q&A, Fed Gov Waller said, “As I said in my March speech, given how the data's coming in, it's appropriate to push off rate cuts into the future...they don't have to happen in the calendar year...but they could be out in the future...the bias is more likely to be to the downside than to the upside.”
  • In an interview with Sky News, US Treasury Secretary Janet Yellen has claimed that she believes there is a 'possibility' that G7 leaders will back the US proposal for issuing USD50bn in loans for Ukraine secured by frozen Russian assets held in the US and Europe.
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