US continues to drain SPR to export oil to Asia
SPR down 5.22MM last week (-22MM last month) US oil exports 4.75MM last week Source: www.zerohedge.com
The US economy is picking up, corporate earnings are picking up, and investor sentiment is picking up. The headwind? Oil prices are picking up, too.
But so far, US sticks continue to shrug off higher oil prices. On Monday, Deferred Brent (Dec 2026) - see below black line (inverted) - hit a new Iran war high. The S&P 500 (green line) has been moving up for 5 weeks in a row and was only down -0.4%. Source: zerohedge
US oil exports soared to a record 6.4 million barrels last week. Out of the US SPR... and to foreign buyers
Source: zerohedge
UAE could now potentially produce more oil than the OPEC+ quota previously allowed them…
This move could force others to follow. Oil supply is going UP. Source: Geiger Capital
WTI crude hits session highs, pushing 10Y yields to dangerous territory: 4.35% any second
Source: zerohedge
*ANDURAND LOST 52% IN APRIL FIRST HALF AS CEASEFIRE HURT OIL BET
Pierre Andurand’s hedge fund lost 52% in the first few weeks of April and is now down 37% YTD Yikes. Probably don’t deserve to call it a hedge fund at this point. Clearly not much hedging going on for Pierre Source: Negligible Capital, Bloomberg
Oil flows from the Gulf
"Estimated oil flows from the Gulf (including pipeline redirections) increased to 10.4mb/d or 45% of normal on higher Yanbu exports as Saudi East-West pipeline full pumping capacity was restored within 4 days after the damage." Source: Goldman, zerohedge
HUGE: The US exported a record 12.7 million barrels of oil per day last week amid the Iran War.
Source: Bloomberg
