News Summary

• Petrobras pumped 2.7 million barrels of oil per day in the quarter, a 15% jump from a year earlier and 200,000 barrels per day above its own 2.5 million target.
• Utilization topped 100% for the quarter and hit 102% in April and May, while the company held its mix of diesel, jet fuel, and gasoline steady rather than shifting toward cheaper output.
• Hedge fund ownership slipped from 41 funds to 40 between the two most recent quarters, a modest pullback rather than an exodus.