Mid-Day Oil Summary: Crude Climbs

Crude is climbing higher today with support from the small draw and a higher demand shown in the US weekly inventory data yesterday.

• Brent JUL 24 up 0.8% at 84.25$/bbl
• WTI JUN 24 up 0.9% at 79.68$/bbl
• Iraq’s SOMO set the OSP for Basrah Medium to Asia for June at a $1/bbl premium to the Oman-Dubai average vs parity for May according to Bloomberg reports.
• China oil imports slipped in April due to seasonal maintenance in the country. They came in at 44.72mn metric tons (10.9mn bpd) in April
• The U.S. has raised the price it is willing to pay to refill the strategic petroleum reserves to as much as $79.99/bbl
• Canada’s Suncor is leasing Aframax vessels in the Pacific to direct sell oil to customers from the new TMX pipeline the company said Wednesday.
• Global oil consumption averaged 160kb/d above estimates at 103.5mb/d in the first week of May according to JPMorgan’s high-frequency demand indicators.
• Goldman Sachs no longer expects a partial unwinding of the OPEC+ voluntary production cuts at the meeting on June 1 with “lower OPEC+ supply for longer.”