- Oil traded higher Friday morning as it moved within range of $12 this week
- EU begins to consider delaying oil sanctions on Hungary’s reluctance
- The EU had offered Hungary and Slovakia until the end of 2024 and the Czech Republic until June 2024 to comply with the sanctions as they rely heavily on Russian crude
- Other countries, including Bulgaria, have also begun to request exemptions from the proposed ban
- Major distillate pipeline to provide relief to the diesel-depleted U.S. East Coast
- Colonial Pipeline Co.'s main distillate line from the Gulf Coast to the East Coast – is operating at full capacity, with first deliveries expected in early June in New Jersey
- Over 2 MMBbls of diesel cargo are on their way from Europe, the Middle East, and Asia to New York, with deliveries scheduled from mid-May through June 6 (Vortexa)
- East coast distillate inventories, consisting primarily of diesel, fell to a new record low of 21.3 MMBbls last week, 46% lower than a year ago
- AEGIS notes there has been a decoupling between the price of oil and oil product prices like diesel