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Mid-Day Oil Summary: Crude Falls

OIL

Crude prices are down on the day, but Brent remains in the range of $80-85/b that it traded within through May.

  • Brent JUL 24 down 0.5% at 83.17$/bbl
  • WTI JUL 24 down 0.4% at 78.92$/bbl
  • Markets are looking ahead to the OPEC+ meeting June 2 where the group are widely expected to rollover current cuts into the second half of the year.
  • API inventory moves: crude oil -6.490 million, gasoline -452,000, distillates +2.045 million, cushing -1.706 million
  • Saudi Aramco may cut prices for its crude sold to Asia in July for the first time in five months, according to a Bloomberg survey.
  • The Russia Black Sea port was warned of a potential attack resulting in an air raid siren sounding early on Thursday but nothing developed.
  • Work at Exxon Rotterdam could result in flaring in the coming days it said via X:
  • With more crude directed towards Asia and some cargoes on floating storage, WTI and North Sea crude on the water is rising markedly according to Vortexa.
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