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Mid-Day Oil Summary: Crude Rebounds

OIL

Crude markets have rebounded today with support from increasing tensions in the Middle East and industry data showing another US crude inventory drawdown.

  • Brent SEP 24 up 2.8% at 80.81$/bbl
  • WTI SEP 24 up 3.5% at 77.31$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude -4.5mbbl, Cushing -0.929mbbl.
  • ARA crude storage rose 1% or 0.5mbbls in the week ended July 26 to 50.1mbbls according to Genscape.
  • Saudi Aramco may raise prices for its Arab Light crude sold to Asia in September following the cut in August, according to a Bloomberg survey.
  • China’s crude imports are expected to pick up in the second half of 2024, according to Ye Lin at Rystad Energy cited by Bloomberg.
  • Russia’s First Deputy Energy Minister Pavel Sorokin said the country is processing 4% more crude oil than a year ago, according to Tass cited by Bloomberg.
  • Middle East tensions and attacks by Ukraine on Russian energy facilities continue to keep geopolitical risks relatively high, Bloomberg Intelligence said.
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