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Crude Back to Flat on the Week After US Data

OIL

Brent crude extends gains back to start of the week levels following US GDP data and the US crude inventory draw yesterday, and ahead of the start of the 1mbpd voluntary production cuts from Saudi Arabia in July.

  • US data today suggested a more resilient economy after stronger than expected GDP (2.0% vs. 1.4% est) and first decline in weekly claims in weeks (239k vs. 265k prior/rev). Concern for the impact of weaker global economic growth and the risk of further central bank rate hikes have weighed on oil demand expectations with front month falling from a high of around 77.2$/bbl on 21 June.
    • Brent AUG 23 up 0.7% at 74.56$/bbl
    • WTI AUG 23 up 0.8% at 70.15$/bbl
    • WTI-Brent unchanged at -4.43$/bbl
    • Brent AUG 23-SEP 23 up 0.05$/bbl at -0.16$/bbl
    • Brent SEP 23-OCT 23 up 0.07$/bbl at 0.01$/bbl
    • Brent DEC 23-DEC 24 up 0.17$/bbl at 2.58$/bbl
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