Crude Edges Back Up with Support from Tighter Supplies and US SPR Plans

Crude edges back up above the previous close levels after the earlier decline as the market assess weak demand concerns with the tighter supplies due to OPEC cuts and short term supply disruptions. US plans to start refilling the SPR after June is also providing support.

• Further Canadian wildfires are a short term supply risk over the weekend due to rising temperatures despite oil and gas producers restoring production after wildfires halted output earlier in the week.
• Crude oil exports from Iraq’s northern fields in the Kurdistan region could restart on Saturday with the pumping of 500kbpd, even though Iraq has not yet received an answer from Turkey to its request to restart flows.
  • Brent JUL 23 up 0.1% at 75.08$/bbl
  • WTI JUN 23 up 0.2% at 71.04$/bbl
  • Brent JUL 23-AUG 23 up 0.03$/bbl at 0.25$/bbl
  • Brent DEC 23-DEC 24 up 0.01$/bbl at 2.6$/bbl
  • WTI JUN 23-JUL 23 up 0.02$/bbl at 0.01$/bbl
  • WTI JUN 23-DEC 23 up 0.08$/bbl at 1.7$/bbl
  • WTI DEC 23-DEC 24 up 0.03$/bbl at 3.03$/bbl