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Crude Makes Recovery from Earlier Sell-Off

OIL

Crude has recovered from its earlier sell off but remains overall sluggish into the end of the month as weak economic data and plentiful crude volumes on the market weigh on prices.

  • At around 3.4mn bpd, seaborne Russian weekly crude exports last week remain buoyant despite claims of a 500 kbpd cut which Novak announced this week were met in April.
  • On the support side, Chinese refined product demand is set to receive a boost this weekend because of the Labor Day holiday. It looks set to spark the return of international travel from China in a meaningful way - though will still lag well behind pre-pandemic. Chinese jet demand is touted as one of the largest drivers of global crude demand in 2023.
  • Brent JUN 23 up 0.8% at 79$/bbl
  • WTI JUN 23 up 0.4% at 75.08$/bbl
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