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Crude Softens With Focus on Israel Hamas Ceasefire Talks

OIL
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Crude markets are softer today reversing some of the strength from late last week. Focus remains on geopolitical risks from the Middle East instability and a further Ukraine drone strike on Russian infrastructure.

    • Brent JUN 24 down 1.1% at 88.51$/bbl
    • WTI JUN 24 down 1% at 83.02$/bbl
    • Gasoil MAY 24 down 1.1% at 778.75$/mt
    • WTI-Brent up 0.17$/bbl at -5.48$/bbl
  • Increased pressure on Israel from the US for a truce in Gaza and hostage deal has seen oil prices fall during the overnight session as the geopolitical risk premium unwinds.
  • US secretary of state Blinken has arrived in Saudi Arabia for Gaza ceasefire talks. The US has said that Israel will delay a Rafah offensive until it has met with Blinken.
  • The Slavyansk oil refinery partially suspended operations after a drone strike. The strike followed Russian missile attacks on natural gas infrastructure in Ukraine.
    • Brent JUN 24-JUL 24 down 0.14$/bbl at 1.15$/bbl
    • Brent JUN 24-DEC 24 down 0.35$/bbl at 4.74$/bbl
  • Front month crude maintained the earlier losses despite a weaker US dollar with focus on the potential for US Fed rate cuts this year. US Fed meeting is scheduled for Wednesday this week while focus will also be on Friday’s April payrolls to gauge the rate outlook and impact on global oil demand.
  • Diesel weakness is pressing refining margins on oversupply amid poorer US economic signals last week coupled with weaker implied demand data.
    • US gasoline crack up 0.2$/bbl at 31.68$/bbl
    • US ULSD crack down 0.1$/bbl at 23.81$/bbl
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Crude markets are softer today reversing some of the strength from late last week. Focus remains on geopolitical risks from the Middle East instability and a further Ukraine drone strike on Russian infrastructure.

    • Brent JUN 24 down 1.1% at 88.51$/bbl
    • WTI JUN 24 down 1% at 83.02$/bbl
    • Gasoil MAY 24 down 1.1% at 778.75$/mt
    • WTI-Brent up 0.17$/bbl at -5.48$/bbl
  • Increased pressure on Israel from the US for a truce in Gaza and hostage deal has seen oil prices fall during the overnight session as the geopolitical risk premium unwinds.
  • US secretary of state Blinken has arrived in Saudi Arabia for Gaza ceasefire talks. The US has said that Israel will delay a Rafah offensive until it has met with Blinken.
  • The Slavyansk oil refinery partially suspended operations after a drone strike. The strike followed Russian missile attacks on natural gas infrastructure in Ukraine.
    • Brent JUN 24-JUL 24 down 0.14$/bbl at 1.15$/bbl
    • Brent JUN 24-DEC 24 down 0.35$/bbl at 4.74$/bbl
  • Front month crude maintained the earlier losses despite a weaker US dollar with focus on the potential for US Fed rate cuts this year. US Fed meeting is scheduled for Wednesday this week while focus will also be on Friday’s April payrolls to gauge the rate outlook and impact on global oil demand.
  • Diesel weakness is pressing refining margins on oversupply amid poorer US economic signals last week coupled with weaker implied demand data.
    • US gasoline crack up 0.2$/bbl at 31.68$/bbl
    • US ULSD crack down 0.1$/bbl at 23.81$/bbl