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• Distillates glut boosts demand for US storage
  Subdued distillates demand...
  Subdued distillates demand due to mild winter weather in the US Northeast and Europe has spurred a storage space race that pushed demand for distillates storage at the New York Harbor from zero in March to about 300,000 barrels in April, according to data from storage firm The Tank Tiger. The oversupply has cut diesel crack spreads by more than 30% this year to less than $25 per barrel, prompting East and West Coast refiners to increase gasoline production.
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• EIA Reports Big Increase in Oil Inventories
  The U.S. Energy Information Administration reported stocks ...
  The U.S. Energy Information Administration reported stocks rose by more than 7 million barrels while the Cushing oil hub also saw a gain.
  
  Nationally, according to the EIA, crude stocks soared from 453.6 million barrels as of April 19 to 460.9 million barrels as of April 26. On March 15, the US crude oil supply stood at 445 million barrels; a year ago, it was 459.6 million barrels.
  
  Cushing’s crude stocks rose more than 1 million barrels, from 32.4 million barrels as of April 19 to 33.5 million barrels on April 26. The amount held at the Northern Oklahoma hub on March 15 was 32.4 million barrels.
  
  A year ago, Cushing held 33.6 million barrels.
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• The US and Saudi Arabia are reportedly nearing a historic security pact
  The deal, a key priority for the Biden administration, could ...
  The deal, a key priority for the Biden administration, could reshape the Middle East and lead to a path for Israel to enter into formal diplomatic ties with Saudi Arabia for the first time, Bloomberg reported. Secretary of State Antony Blinken met with Saudi leaders earlier this week and Israeli Prime Minister Benjamin Netanyahu yesterday to discuss the framework of the deal, which would see Saudi Arabia recognize Israel in exchange for a defense relationship with the US. Israel would need to end its war in Gaza and agree to a path for Palestinian statehood.
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• ☕️What Else is Brewing Thursday Morning
  Several states sued the NCAA over “unfair” NIL contracts. The...
  Several states sued the NCAA over “unfair” NIL contracts. The suit, filed by a bipartisan group of states including New York and Florida, argues that the NCAA impedes student-athletes from brokering better name, image, and likeness deals before they choose which college to attend. The states argue that the NCAA’s existing rule keeps athletes in the dark about the true earning potential at each school. It’s just one of multiple lawsuits against the NCAA in the wake of landmark policy changes allowing student-athletes to profit.
  
  Anthropic, one of OpenAI’s biggest rivals, launched an iPhone app for its chatbot, Claude.
  
  The House passed a bipartisan antisemitism awareness bill, which advocates say will combat rising antisemitism on college campuses.
  
  Johnson & Johnson offered to pay $6.5 billion to settle thousands of lawsuits alleging its talc powder products cause ovarian cancer.
  
  Arizona lawmakers voted to repeal the state’s 19th-century, near-total abortion ban, which would make the 15-week ban enacted in 2022 the prevailing law again.
  
  Harvey Weinstein will be retried in New York sometime after Labor Day following the overturning of the Hollywood mogul’s 2020 rape conviction.
  
  UnitedHealth CEO Andrew Witty told Congress that Change Healthcare was hacked because it lacked multifactor authentication.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for June delivery ...
  Benchmark U.S. crude oil for June delivery fell $2.93 to $79 per barrel Wednesday. Brent crude for July delivery fell $2.89 to $83.44 per barrel.
  
  Wholesale gasoline for June delivery fell 11 cents to $2.58 a gallon. June heating oil fell 8 cents to $2.45 a gallon. June natural gas fell 6 cents to $1.93 per 1,000 cubic feet.
  
  
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