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At a meeting on Wednesday, the International Energy Agency (IEA) member governments expressed support for accelerating the implementation of the oil reserve release plan that was announced during the collective action in March of this year, and pledged to complete the releases as soon as possible. Given the current tight supply in the diesel market, member countries also agreed to prioritize the release of diesel reserves where conditions allow. So far, IEA member countries have released approximately 325 million barrels of oil according to the March collective action, with some countries exceeding their previously committed volumes. The IEA made it clear that if all pledged but not yet released reserves from the March action are fully drawn down, an additional 100 million barrels are expected to enter the market. This means the approximately 100 million barrels that the market is currently watching mainly represent the accelerated execution of the commitments made in March, rather than a new emergency release plan of an extra 100 million barrels. At present, IEA member countries still hold substantial government-controlled emergency oil reserves, totaling about 1.1 billion barrels, which includes more than 200 million barrels of diesel. The IEA stated it is prepared to further release reserves into the market if required by market conditions.

U.S. Energy Information Administration: Gasoline inventories on the U.S. Gulf Coast fell last week to their lowest level since September 2017.

U.S. Energy Information Administration: Midwest gasoline inventories in the U.S. fell to a historic low last week.