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Mid-Day Oil Summary: Crude Holding Gains

OIL
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Oil markets are holding holding this week’s gains on optimism around US demand moving into summer and an OPEC+ rollover keeping a lid on supply.

  • Brent JUL 24 up 0.3% at 83.32$/bbl
  • Brent JUL 24-AUG 24 up 0.01$/bbl at 0.23$/bbl
  • Geopolitical tensions also flared up on Monday after an Egyptian soldier was killed in a clash with Israeli troops at the Rafah crossing, adding support to oil.
  • Prime Minister Benjamin Netanyahu could face an attempt by opposition parties to oust him in the coming days amid a series of events that have raised international focus on the actions of the Israeli gov't and IDF in Gaza
  • Saudi Aramco may cut prices for most of its crude it sells to Asia in July – the first in 5-months according to Reuters sources.
  • Mexico’s Pemex exported 681,000 bpd of crude in April – 31% lower y/y.
  • Crude throughput at China’s refineries is unlikely to see a strong recovery in May after hitting a four-month low in April, according to Platts.
  • Nigeria plans to export 92k b/d of Amenam crude in July, near steady on the 95k b/d of exports for June, according to a loading programme seen by Bloomberg.
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Oil markets are holding holding this week’s gains on optimism around US demand moving into summer and an OPEC+ rollover keeping a lid on supply.

  • Brent JUL 24 up 0.3% at 83.32$/bbl
  • Brent JUL 24-AUG 24 up 0.01$/bbl at 0.23$/bbl
  • Geopolitical tensions also flared up on Monday after an Egyptian soldier was killed in a clash with Israeli troops at the Rafah crossing, adding support to oil.
  • Prime Minister Benjamin Netanyahu could face an attempt by opposition parties to oust him in the coming days amid a series of events that have raised international focus on the actions of the Israeli gov't and IDF in Gaza
  • Saudi Aramco may cut prices for most of its crude it sells to Asia in July – the first in 5-months according to Reuters sources.
  • Mexico’s Pemex exported 681,000 bpd of crude in April – 31% lower y/y.
  • Crude throughput at China’s refineries is unlikely to see a strong recovery in May after hitting a four-month low in April, according to Platts.
  • Nigeria plans to export 92k b/d of Amenam crude in July, near steady on the 95k b/d of exports for June, according to a loading programme seen by Bloomberg.