*The EIA has revised down its forecast of 2022 US crude and condensate output gains to 730,000 b/d; two months ago it was forecasting 850,000 b/d gains. This came after winter storms left Q1 output some 200,000 b/d down on Q4.
*The Permian continues to dominate US output growth, producing a record 5.05mn b/d for April, 43% of the US total of 11.63mn b/d, and a forecast 5.22mn b/d for June. Sizable gains are baked in for the remainder of 2022 with most, but not all, firms relatively relaxed about inflation-related risks.
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