Mid-Day Oil Summary: Crude Holding Gains

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.