Mid-Day Oil Summary: Crude Falling

Oil prices are flat trending lower today, facing pressure this week from Chinese weakness and a potential Gaza ceasefire. U.S. officials believe the parties are closer than ever to reaching an agreement.

• Brent SEP 24 down 0.4% at 82.06$/bbl
• WTI SEP 24 down 0.3% at 78.04$/bbl
• U.S. Vice President Kamala Harris met with Israeli Prime Minister Benjamin Netanyahu on Thursday to add pressure towards a ceasefire deal – seemingly striking a tougher approach than Biden.
• More U.S. economic data is due out later today when the Fed will report personal consumption expenditure data.
• A Bloomberg survey of 23 traders and analysts showed only 10 are expecting the OPEC+ group to fully implement the proposed 543kbpd production increase for Q4 2024.
• Canadian wildfires in Alberta are expected to ease a bit short term because of rainfall but warm temperatures are expected to persist in the weeks ahead.
• Hungary will need to resolve the oil supply issues with Russia’s Lukoil by September to avoid domestic fuel shortages according to government officials on Friday.
• The CPC terminal has completed maintenance at its second mooring point and brought it online it said on Friday.
• US crude exports to NWE are on track for a record high in July amid improving arbitrage economics, strong US production, and rising European refinery runs, Platts said.