- Severe weather strikes Gulf Coast, knocks off USGC refining capacity
- According to Reuters, four refineries slowed production this week as the region was battered by heavy rainfall and flooding
- The most significant disruption was Total SE's 225MBbl/d Port Arthur, Texas, refinery. The entire plant was knocked out of production by a brief power loss on Monday, according to Reuters
- Iran to start oil exports from a new port that allows it to avoid the Strait of Hormuz; Nuclear resolution talks progress
- According to India's National Oil Co., it will begin shipping its crude from the Jaks terminal on the Gulf of Oman next month
- Russia's ambassador to the International Atomic Energy (IEA), Agency Mikhail Ulyanov, stated the two sides have made "significant progress" towards a deal and that an "important announcement" will be made on May 19
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: + 1,310 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: - 63 MBbls
- U.S. Distillate Inventories: - 588 MBbls
- U.S. Refinery Utilization: - 0.96% change