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Mid-Day Oil Summary: Crude Holds Ground

OIL

Crude markets are moderately building on previous gains this week as an underwhelming demand picture weights against curtailed OPEC+ supplies over the summer and ongoing geopolitical risks.

  • Brent AUG 24 up 0.3% at 85.31$/bbl
  • WTI JUL 24 up 0% at 81.6$/bbl
  • The day delayed EIA weekly petroleum inventory data for the week ending June 14 is due for release today at 11:00ET (16:00BST).
  • ICE Gasoil open interest has risen again this week to the highest since October 2021 up to 0.939m lots compared to around 0.67m at the start of the year.
  • China imports of crude oil from Russia fell again last month while shipments from Saudi Arabia rose to the highest since August and Venezuela shipments continued for the fourth straight month according to official customs data.
  • The CPC Blend discount to Dated Brent has narrowed sharply over recent days, according to Bloomberg citing traders.
  • Diesel and gasoline cracks have edged back on the day, erasing some of yesterday’s gains.
  • US gasoline crack down 0.4$/bbl at 23.19$/bbl
  • US ULSD crack down 0.7$/bbl at 24.43$/bbl
  • Drone strikes on Russian energy infrastructure continue as Ukraine maintains its offensive to target Russian refining and oil storage sites.
  • A record 71 million Americans are expected to travel over the July 4 holiday, which if realised is likely to boost oil and fuel prices.
  • Phillips 66 has reported an upset at the 356k b/d Wood River refinery in Illinois, according to an Illinois Emergency Management Agency filing.
  • China’s road congestion rose by 11% the week to June 19, taking it to 124% of Jan. 2021 levels, according to BNEF.
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