- India record worlds highest one-day surge in COVID infections
- The country recorded 314,835 new cases on Wednesday, surpassing the previous record of 314,312 recorded by the U.S. on December 21
- India now has 16 MM cases, the second-highest total behind the U.S.
- Additionally, India has only administered 132 million vaccine doses in a country of 1.3 billion citizens. According to Bloomberg's vaccine tracker, only 4.8% of its population has been vaccinated
- The market received bearish data reported by the EIA on Wednesday
- The EIA reported a build of (+) 595 MBbls for the week ending April 16, well above the estimate of a (-) 3,265 MBbls draw
- Inventories for the U.S. are now at a deficit of 10.601 MBbls to last year and a surplus of 7.82 MBbls to the five-year average.
- A new nuclear deal that would remove sanctions on Iran is currently being negotiated
- According to Bloomberg NEF, a new nuclear deal is inevitable, which would return 1-1.5MMBbl/d of output
- A senior U.S. state department official told Bloomberg the two sides are closer to the beginning of negotiations than the end and that much progress needs to be made