Crude Up to New Daily High on Tight Supply and China Stimulus

Crude regains ground to a new high of the day and up to Brent technical resistance at 82.06$/bbl driven by tighter global supplies and potential stimulus in China.

• Supplies from Saudi and Russia are showing signs of the pledge supply cuts while Kazakhstan’s daily oil production fell to 1.67mbbl on July 23 from 1.78m bbl on July 20 according to ministry data. The reason for the current drop is not apparent but follows a reduction due to power cuts earlier in the month.
• Flow from Nigeria’s Forcados oil terminal has been halted since July 12 due to a leak at the facility with repair work reported late last week expected to take between five and 10 days.
• July US crude arrivals in Rotterdam reach record levels; likely to drive the already pressured light sweet crude prices lower according to Vortexa.
  • Brent SEP 23 up 1.2% at 82.04$/bbl
  • WTI SEP 23 up 1.5% at 78.2$/bbl
  • WTI-Brent up 0.04$/bbl at -3.84$/bbl
  • Brent SEP 23-OCT 23 up 0.02$/bbl at 0.21$/bbl
  • Brent DEC 23-DEC 24 up 0.23$/bbl at 4.11$/bbl