U.S. commercial crude oil inventories increased by 2.0 million barrels to 416.8 million barrels.

Brent were up 28 cents, or 0.2%, at $119.79 barrel, WTI were up 31 cents, or 0.3%, at $118.81 a barrel.

Brent firmed 32 cents, or 0.3%, to $120.04 a barrel, WTI were up 40 cents, or 0.3%, at $119.27 a barrel.

The Worldwide Rig Count for May was 1,628, up 25 from the 1,603 counted in April 2022,and up 366 from the 1,262 counted in May 2021.

U.S. Rig Count is is down 0 from last week to 727, Canada Rig Count is up 14 from last week to 117.

Brent fell 85 cents, or 0.7%, to $116.76 a barrel, WTI slipped 88 cents, or 0.8%, to $115.99.

The price of OPEC basket of thirteen crudes stood at $114.62 a barrel on Thursday,

Therefore, July production will be adjusted upward by 0.648 mb/d as per the attached schedule.

India imported 54% of its oil needs and 56% of its gas needs in 2020. After coal (44%), oil represented 24% of the country’s total consumption in 2020, against 6% for natural gas. As of 2021, India's oil reserves are estimated at 4,530 mbl and its gas reserves at 1,372 bcm.

Israel’s proven gas reserves are very large, at a current estimated level of about 538 bcm (end of 2021). Production increased very rapidly from 2.5 bcm in 2012 to almost 13 bcm in 2020 (+23%/year on average, including +45% in 2020).

U.S. commercial crude oil inventories decreased by 5.1 million barrels to 414.7 million barrels.

Brent was down $2.07, or 1.8%, at $114.22 a barrel, WTI dropped $2.21, or 1.9%, to $113.05 a barrel.

The price of OPEC basket of thirteen crudes stood at $122.94 a barrel on Tuesday,

The Brent contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%, WTI rose 37 cents, or 0.3%, to $115.04 a barrel.

India imported 84% of its oil needs and 54% of its gas needs in 2020. After coal (44%), oil represented 44% of the country’s total consumption in 2020, against 6% for natural gas.