Mid-Day Oil Summary: Crude Continues Slide

Crude markets are continuing yesterday’s decline to reach its lowest level since early January, as the market assesses the impact of the return of some OPEC supply from October.

• Brent AUG 24 down 1.6% at 77.08$/bbl
• WTI JUL 24 down 1.9% at 72.84$/bbl
• Wires reporting comments from a Qatari Foreign Ministry spox stating that "We are waiting for a clear Israeli position in response to US President Joe Biden's Gaza proposal...There should be a clear position from both parties [Israel and Hamas] to reach a deal for the war in Gaza."
• The API US oil inventory data is due at 16:30ET ahead of the EIA Weekly Petroleum Status Report tomorrow.
• The discount for Western Canada Select (WCS) heavy crude vs WTI widened on Monday.
• The US DOE yesterday announced contracts for the purchase of 3mbbl of crude oil for the Strategic Petroleum Reserve for November delivery.
• Nigerian crude loadings for July have been relatively slow so far according to Reuters sources as an overhang of June cargoes weigh on prices.
• The Chevron led Tengizchevroil will undertake further maintenance at its Tengiz oilfield in August it said on Monday.
• Iraq’s crude exports rose for a second month in May, despite pledges to compensate for overproduction beyond its OPEC+ targets, according to Bloomberg