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Mid-Day Oil Summary: Crude Climbs from Yesterday’s Low

OIL

Crude markets have recovered today after front month Brent fell to the lowest since June 10 yesterday at $80.51/bbl. Expectations of a US crude draw last week is likely to be supportive.

  • Brent SEP 24 up 1.1% at 81.87$/bbl
  • WTI SEP 24 up 1.2% at 77.9$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude -3.86mbbl, Cushing -1.58mbbl.
  • The official EIA data is released later today. Surveys see US crude oil stocks as having fallen last week: -1.54m bbl (Bloomberg), -1.2m bbl (WSJ), -1.6m bbl (Reuters), -2.77m bbl (Platts).
  • Prompt spreads suggest a tight near-term market with the last three weeks showing a sharp drawdown in crude inventory in the US to add to geopolitical and weather-related supply risks.
  • ARA crude storage fell 6.4% or 3.4mbbls in the week ended July 19 to 49.6mbbls according to Genscape.
  • India’s crude oil imports in June fell by 5.6% year on year to 18.5m tons and compared to 22.0m tons in May, according to provisional data from the oil ministry’s Petroleum Planning & Analysis Cell.

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