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Mid-Day Oil & Products Summary: Crude Find Support

OIL
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Crude markets are stronger today with support from the possibility of US Fed rate cuts in September, which would be bullish for demand.

  • Brent AUG 24 up 0.6% at 78.86$/bbl
  • WTI JUL 24 up 0.7% at 74.58$/bbl
  • Front month is still net down on the week after the bearish reaction to the OPEC+ plan to increase supply later this year. OPEC retains the flexibility to alter that plan depending on market developments.
  • The global oil market has a higher level of predictability and stability after the latest OPEC+ decision, according to Russian Deputy Prime Minister Alexander Novak.
  • OPEC Secretary General Haitham Al Ghais defended the recent adjustments to the OPEC+ output deal, citing it as a success, according to Reuters.
  • Production has been halted at the Buzzard field in the North Sea since late May and the duration of the stoppage remains unclear, according to Bloomberg.
  • North Sea oil floating on-water has risen to the highest volume since Jan 2022 with at least 2.6mbbls of Forties and Gullfaks in floating storage in Europe, according to Vortexa data cited by Reuters.
  • U.S. retail gasoline prices could rise to nearly $4/gal in October if the Hurricane Season is extreme according to Goldman Sachs.
  • A fire has been extinguished at the Novoshakhtinsk oil refinery in Russia's Rostov region which had been attacked by a Ukrainian drone.
  • Onshore fuel oil stocks in Singapore rose for a second straight week, climbing 7.7% to 18.86m bbl in the week ended June 5.
  • Oil inventory draws over the summer should support Brent back into the high $80s-$90 range by September according to JPMorgan.
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Crude markets are stronger today with support from the possibility of US Fed rate cuts in September, which would be bullish for demand.

  • Brent AUG 24 up 0.6% at 78.86$/bbl
  • WTI JUL 24 up 0.7% at 74.58$/bbl
  • Front month is still net down on the week after the bearish reaction to the OPEC+ plan to increase supply later this year. OPEC retains the flexibility to alter that plan depending on market developments.
  • The global oil market has a higher level of predictability and stability after the latest OPEC+ decision, according to Russian Deputy Prime Minister Alexander Novak.
  • OPEC Secretary General Haitham Al Ghais defended the recent adjustments to the OPEC+ output deal, citing it as a success, according to Reuters.
  • Production has been halted at the Buzzard field in the North Sea since late May and the duration of the stoppage remains unclear, according to Bloomberg.
  • North Sea oil floating on-water has risen to the highest volume since Jan 2022 with at least 2.6mbbls of Forties and Gullfaks in floating storage in Europe, according to Vortexa data cited by Reuters.
  • U.S. retail gasoline prices could rise to nearly $4/gal in October if the Hurricane Season is extreme according to Goldman Sachs.
  • A fire has been extinguished at the Novoshakhtinsk oil refinery in Russia's Rostov region which had been attacked by a Ukrainian drone.
  • Onshore fuel oil stocks in Singapore rose for a second straight week, climbing 7.7% to 18.86m bbl in the week ended June 5.
  • Oil inventory draws over the summer should support Brent back into the high $80s-$90 range by September according to JPMorgan.