- Iran’s president Hassan Rhousani said world powers have accepted that major sanctions on his country will be lifted – Bloomberg
- According to Citi, the most bearish scenario would entail Iran reaching 4 MMBbl/d from 2.4 MMBbl/d in a few months
- Iran holds a presidential election on June 18, which adds pressure to both sides to reach a deal before a new government takes over
- Europe’s oil demand gets a boost as drivers get back on the roads
- Traffic on European countries, Spain and France, roads are only slightly down from 2019
- In Poland, agency figures show traffic levels are now higher than two years ago
- The vaccine is likely underpinning the recovery, as the European Union is second in vaccine doses administered per day, behind only mainland China
- Overall European demand is still down due to Jet Fuel and other fuels. Still, the improving demand outlook is cause for optimism
- The market received mixed data reported by the EIA on Wednesday
- The EIA reported a build of + 1,320 MBbls for the week ending May 14, above the estimate of a + 1,310 MBbls build
- Inventories for the US are now at a deficit of 45.465 MBbls to last year and a deficit of 7.28 MBbls to the five-year average
- Gasoline and distillate inventories fell by 1.96 MMBbls and 2.32 MMBbls