COVID-19 Bulletin: March 31

March 31, 2022 • Posted in COVID-19, Daily Bulletin

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Supply

  • After oil prices rose 3% Wednesday on reports of a drawdown in U.S. crude stocks and continued fighting in Ukraine, the gains were reversed on news that the U.S. could start releasing 1 million bpd from strategic reserves for several months, with a formal announcement expected by the White House today. 
  • In mid-morning trading today, WTI futures were down 4.1% at $103.40/bbl, Brent was down 5.0% at $108.40/bbl and U.S. natural gas was up 3.6% at $5.81/MMBtu. 
  • OPEC+ member nations will decide later today whether to stick to a modest output increase of 432,000 bpd in May.  
  • U.S. crude stockpiles fell by a larger-than-expected 3.4 million barrels last week to the lowest level since late 2018, while emergency reserves fell to a two-decade low. Meanwhile, a surprise build in gasoline and distillate stocks tempered upward oil price pressure. 
  • After seven weeks of holding steady, U.S. crude output inched up 100,000 bpd last week to 11.7 million bpd, while Gulf Coast refinery utilization rose to its highest level since January 2020. 
  • U.S. gas storage is 17% below normal for this time of year despite record production, as surging exports to Europe keep supplies tight and prices high. 
  • More oil news related to the war in Europe:
Ratio of Russian Imports to Domestic Fuel Consumption
Source: M. Holland using EIA data

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At M. Holland

  • M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight. For more information, email our 3D Printing team.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.

For all COVID-19 updates and notices, please refer to the M. Holland website.

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