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Mid-Day Oil Summary: Crude Loses Ground

OIL
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Crude markets are losing ground during the European morning, reversing some modest gains earlier in the day. Concerns over the future Fed monetary policy and the IEA’s softening demand growth outlook outweigh supply concerns from Canadian wildfires and a potential US stock draw.

  • Brent JUL 24 down 0.2% at 82.21$/bbl
  • WTI JUN 24 down 0.2% at 77.9$/bbl
  • Brent JUL 24-AUG 24 down 0.05$/bbl at 0.37$/bbl
  • WTI-Brent up 0.06$/bbl at -4.67$/bbl
  • API data showed a 3.1mbbl crude stocks draw last week while gasoline stocks fell 1.27mbbl and distillate rose 349kbbl ahead of the official EIA data released later today.
  • The IEA monthly oil report is due for release today as the market looks for indications on global oil demand growth and the future balance.
  • Residents at Canadas oil hub of Fort McMurray remain under threat from the current wildfires – potentially placing oil production under threat.
  • The outlook for global oil demand growth continues to soften this year according to the IEA in its latest monthly report.
  • Crude stocks in ARA increased by 3.98mbbls or 7.8% in the week ended May 10 to 54.85mbbls according to Genscape.
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Crude markets are losing ground during the European morning, reversing some modest gains earlier in the day. Concerns over the future Fed monetary policy and the IEA’s softening demand growth outlook outweigh supply concerns from Canadian wildfires and a potential US stock draw.

  • Brent JUL 24 down 0.2% at 82.21$/bbl
  • WTI JUN 24 down 0.2% at 77.9$/bbl
  • Brent JUL 24-AUG 24 down 0.05$/bbl at 0.37$/bbl
  • WTI-Brent up 0.06$/bbl at -4.67$/bbl
  • API data showed a 3.1mbbl crude stocks draw last week while gasoline stocks fell 1.27mbbl and distillate rose 349kbbl ahead of the official EIA data released later today.
  • The IEA monthly oil report is due for release today as the market looks for indications on global oil demand growth and the future balance.
  • Residents at Canadas oil hub of Fort McMurray remain under threat from the current wildfires – potentially placing oil production under threat.
  • The outlook for global oil demand growth continues to soften this year according to the IEA in its latest monthly report.
  • Crude stocks in ARA increased by 3.98mbbls or 7.8% in the week ended May 10 to 54.85mbbls according to Genscape.