Mid-Day Oil Summary: Crude Holding Steady

Crude markets are holding steady today after recovering from yesterday’s intraday Brent low of $81.05/b. Support came from an above expectation draw in US crude stocks, coupled with a lower-than-expected US CPI print which could support Fed rate cuts this year.

• Brent JUL 24 down 0% at 82.71$/bbl
• WTI JUN 24 down 0% at 78.61$/bbl
• Brent JUL 24-AUG 24 down 0.01$/bbl at 0.41$/bbl
• WTI-Brent up 0.04$/bbl at -4.54$/bbl
• Canadian oil sand hub, Fort McMurray, faces a second wildfire threatening the town, north of the city and closer to major energy operations.
• Oil is forecast at $90/bbl in H2 2024 but with risks in either direction based on the outcome of the upcoming OPEC+ meeting, according to ANZ.
• CPC exports of Kazakh crude out of the Black Sea increased in January-April by 4% y/y at 22.715 million metric tons (1.4mn bpd) according to Reuters sources.
• There is still a lot of private sector interest in developing oil and gas resources in Mexico, despite the shift towards public control by its President Andres Manuel Lopez Obrador (AMLO), panellists said during an energy and infrastructure forum, cited by Platts.