US Daily Oil Summary: 'Laser-Focus' on Blocking New Russian Energy Projects

The US is “laser-focused” on ensuring Russia cannot develop any new energy projects that would give the country future export revenues, Geoffrey Pyatt, Assistant Secretary of State for Energy Resources, told the FT Commodities Global Summit, cited by Bloomberg.

• US retail gasoline demand declined by 2.12% on the week to 8.740mbpd in the week to 6 April (Sun-Sat) according to GasBuddy.
• Exxon Mobil’s 523kbpd Baton Rouge, Louisiana, refinery is undergoing maintenance at one of the four crude units and the respective VDU until the end of next week, sources told Bloomberg.
• Flint Hills’ Corpus Christi West, Texas, refinery restarted the 57kbpd FCC on 5 April after the unit was shut following a fire on 27 March according to WoodMac.
• Texas drilling permits for oil and natural gas were down by 33% on the year in March, amid declined in all major producing regions, Argus said.
• National Security Council spokesperson John Kirby said that the latest ceasefire/hostage exchange proposal, brokered in Cairo over the weekend with assistance by CIA Director Bill Burns, has been presented to Hamas and is "awaiting a response."
• The NY Fed’s consumer inflation expectations were mixed in March. The 1Y held at 3%, where it’s been for four months now.
• USD: The greenback was little phased by rising US yields on Monday, with the USD index marginally in the red, down 0.11% at typing. This coincides with latest indicative positioning data which shows the USD Index net position has consolidated at lows, with outright position now short of 1,896 contracts, the lowest since 2021.