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Mid-Day Oil Summary: Crude Falls

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Crude has slipped further on Friday despite expectations of an OPEC+ output cut extension and commitments by key overproducers to compensate in the coming months.

  • Brent JUL 24 down 0.5% at 80.93$/bbl
  • WTI JUL 24 down 0.6% at 76.44$/bbl
  • Brent crude futures closed at their weakest point since January on Thursday while WTI futures hit a three-month low.
  • Forecasters at the US National Oceanic and Atmospheric Administration are warning of an above-normal Atlantic hurricane season, with as many as 13 hurricanes - seven of which they say could become major storms.
  • OPEC+ will hold their June 2 meeting online rather than in person – a day later than originally planned.
  • Mexico’s Pemex produced 1.47mn bpd of crude in April, the lowest in over 40 years according to regulator data this week.
  • The first cargo from the recently expanded TMX pipeline, Canada, loaded on the Dubai Angel this week.
  • The Colonial pipeline, the largest refined fuel pipeline in the U.S., conducted maintenance on Thursday – temporarily halting supplies it said.
  • Eneos Group, Japan’s biggest refiner, shut its 172,000 bpd CDU 2 at its Kawasaki refinery and the 136,000 CDU at its Oita refinery May 13 for scheduled maintenance.
  • Japan's Maruzen Petrochemical shut a 525,000 metric ton per year cracker in Chiba on May 15 with a projected turnaround of about two months the company said Friday.
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Crude has slipped further on Friday despite expectations of an OPEC+ output cut extension and commitments by key overproducers to compensate in the coming months.

  • Brent JUL 24 down 0.5% at 80.93$/bbl
  • WTI JUL 24 down 0.6% at 76.44$/bbl
  • Brent crude futures closed at their weakest point since January on Thursday while WTI futures hit a three-month low.
  • Forecasters at the US National Oceanic and Atmospheric Administration are warning of an above-normal Atlantic hurricane season, with as many as 13 hurricanes - seven of which they say could become major storms.
  • OPEC+ will hold their June 2 meeting online rather than in person – a day later than originally planned.
  • Mexico’s Pemex produced 1.47mn bpd of crude in April, the lowest in over 40 years according to regulator data this week.
  • The first cargo from the recently expanded TMX pipeline, Canada, loaded on the Dubai Angel this week.
  • The Colonial pipeline, the largest refined fuel pipeline in the U.S., conducted maintenance on Thursday – temporarily halting supplies it said.
  • Eneos Group, Japan’s biggest refiner, shut its 172,000 bpd CDU 2 at its Kawasaki refinery and the 136,000 CDU at its Oita refinery May 13 for scheduled maintenance.
  • Japan's Maruzen Petrochemical shut a 525,000 metric ton per year cracker in Chiba on May 15 with a projected turnaround of about two months the company said Friday.