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Mid-Day Oil Summary: Crude Falls on Softening Hurricane Impact

OIL

Crude prices have softened today as the Gulf largely evades the impact of Hurricane Beryl as it made landfall with Texas July 8.

  • Brent SEP 24 down 0.3% at 85.51$/bbl
  • WTI AUG 24 down 0.4% at 82.04$/bbl
  • WTI-Brent down 0.05$/bbl at -4.26$/bbl
  • Brent SEP 24-OCT 24 up 0.01$/bbl at 0.77$/bbl
  • Some areas of energy infrastructure took preventive measures ahead of Beryl’s arrival while unplanned shutdowns were fairly limited.
  • Shipping channels and refining infrastructure closed for Beryl have either reopened or are expected to shortly.
  • Russian produced moved closer to meeting OPEC+ targets in June according to Bloomberg Energy Ministry sources.
  • Saudi crude oil exports to China will jump higher in August to at least 44 million barrels due to recent price cuts according to Reuters sources.
  • Canda’s Cenovus Energy said on Monday it was demobilizing further staff at its Sunrise oil sands project in northern Alberta as a precaution due to an evolving wildfire situation.

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