US Weekly Oil Summary: Venezuela Sanction Relief Not Renewed

The Biden administration said it will not renew the Venezuelan sanctions waiver that was due for expiry earlier today and had eased its ability to export oil to wider markets – namely the U.S.

• The US is aiming to keep gasoline prices in current ranges into this summer driving season according to President Biden’s top economic aide.
• The Biden Administration is using emergency powers to allow widespread sales of E15 gasoline this summer – the same thing it has done the last two years to try and keep a lid on rising prices.
• EIA Weekly US Petroleum Summary - w/w change week ending Apr 12: Crude stocks +2,735 vs Exp +1,427, Gasoline stocks -1,154 vs Exp -940, Distillate stocks -2,760 vs Exp -369.
• US total oil and gas rig count rose by 2 on the week to 619 rigs, according to Baker Hughes, the first weekly rise since March 15.
• USD: Despite the heightened level of geopolitical risk overnight, currency markets have stabilised as the weekend close approaches. The USD index has recouped the majority of its overnight losses, leaving it back little changed on the week, and emerging market currencies have also recovered.
• Fed Chair Powell: The performance of the US economy over the past year has really been quite strong. More recent data shows a lack of further progress towards our inflation goal.
• Industrial production was in line in March as it increased 0.39% M/M (cons 0.4). Manufacturing production beat eat 0.48% M/M (cons 0.2)
• US REFINERY MAINTENANCE SCHEDULE:: See Pdf Here