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Crude Finding Support but Set for Net Weekly Decline

OIL

Brent crude has found some support but still down over $5/bbl on the week with an easing geopolitical risk premium amid reduced conflict risks in the Middle East. Building US crude stocks and weak oil product demand are also weighing on prices amid uncertainty over demand growth in China.

    • Brent JUL 24 up 0.2% at 83.87$/bbl
    • WTI JUN 24 up 0.2% at 79.13$/bbl
    • Gasoil MAY 24 up 0.5% at 747.25$/mt
    • WTI-Brent down 0.03$/bbl at -5.19$/bbl
  • The softer USD tone amid dovish Fed leanings has helped stabilize sentiment in the latter stages of this week. Concern that the US could take longer than previously thought to bring down inflation has been weighing on global demand growth sentiment.
  • Wires reported on Thursday that Hamas have agreed with Qatar to continue talks on a truce in Gaza in an effort to bridge the remaining gaps between the two sides on a hostage-for-temporary ceasefire deal.
    • Brent JUL 24-AUG 24 down 0.01$/bbl at 0.63$/bbl
    • Brent DEC 24-DEC 25 up 0.06$/bbl at 4.66$/bbl
  • A weekly decline in the crude time spreads has also stalled after both the prompt and longer term spreads fell to the lowest since March.
  • Gasoline margins edged higher yesterday but are also set for a net decline on the week. Implied gasoline demand in the US continues to slide, breaking the typical trend of seasonal growth as the summer driving season nears.
    • US gasoline crack up 0.2$/bbl at 30.17$/bbl
    • US ULSD crack down 0.2$/bbl at 23.67$/bbl
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