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Mid-Day Oil Summary: Crude Slides

OIL
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Crude prices are trading lower today as Iran’s strikes against Israel were publicized ahead of the weekend and already priced in on last week’s headlines, while concerns for oil supplies in the broader region remained.

    • Brent JUN 24 down 0.7% at 89.81$/bbl
    • WTI MAY 24 down 0.8% at 84.98$/bbl
  • The G7 nations condemned Iran’s attack on Israel on Saturday, aiming for further sanctions but notably not mentioning oil.
  • Citigroup has raised its oil price forecast with the Q2 Brent average up from $74/bbl to $82/bbl and a 3-month WTI price target up from $75/bbl to $83/bbl.
  • Iran’s retaliatory strike on Israel following the latter’s strike one of its diplomatic buildings in Damascus is not expected to disrupt oil markets, according to DNB Markets' Helge Andre Martinsen, cited by the WSJ.
  • U.S. officials confirmed on Friday that they had met with representatives of Venezuelan President Nicolas Maduro early last week to express concerns over the electoral process ahead of this weeks sanctions decision.
  • Kazakhstan is planning to ship 120,000 tons of crude oil to Germany this month, KazTransOil said, cited by Reuters.
  • Kazakhstan’s crude oil output in March stood 131kbpd above its OPEC+ target, the Energy Ministry said, cited by Interfax.
  • China’s CNOOC has in recent months been sending shipments of Russian ESPO crude into a new reserve base according to Reuters.
  • The amount of crude oil held around the world on tankers that have been stationary for at least seven days increased by 11% last week to 78.80m bbl as of 12 April, Vortexa data show.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to continue falling in the week to April 18, according to OilChem.
  • Valero’s 195kb/d Memphis refinery plans to shut its 80kb/d West Crude Unit on April 15 for maintenance until at least the second week in May, according to Bloomberg sources.
  • US diesel and gasoline cracks are relatively stable today.
    • US gasoline crack up 0.1$/bbl at 32.08$/bbl
    • US ULSD crack down 0.2$/bbl at 27.03$/bbl
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Crude prices are trading lower today as Iran’s strikes against Israel were publicized ahead of the weekend and already priced in on last week’s headlines, while concerns for oil supplies in the broader region remained.

    • Brent JUN 24 down 0.7% at 89.81$/bbl
    • WTI MAY 24 down 0.8% at 84.98$/bbl
  • The G7 nations condemned Iran’s attack on Israel on Saturday, aiming for further sanctions but notably not mentioning oil.
  • Citigroup has raised its oil price forecast with the Q2 Brent average up from $74/bbl to $82/bbl and a 3-month WTI price target up from $75/bbl to $83/bbl.
  • Iran’s retaliatory strike on Israel following the latter’s strike one of its diplomatic buildings in Damascus is not expected to disrupt oil markets, according to DNB Markets' Helge Andre Martinsen, cited by the WSJ.
  • U.S. officials confirmed on Friday that they had met with representatives of Venezuelan President Nicolas Maduro early last week to express concerns over the electoral process ahead of this weeks sanctions decision.
  • Kazakhstan is planning to ship 120,000 tons of crude oil to Germany this month, KazTransOil said, cited by Reuters.
  • Kazakhstan’s crude oil output in March stood 131kbpd above its OPEC+ target, the Energy Ministry said, cited by Interfax.
  • China’s CNOOC has in recent months been sending shipments of Russian ESPO crude into a new reserve base according to Reuters.
  • The amount of crude oil held around the world on tankers that have been stationary for at least seven days increased by 11% last week to 78.80m bbl as of 12 April, Vortexa data show.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to continue falling in the week to April 18, according to OilChem.
  • Valero’s 195kb/d Memphis refinery plans to shut its 80kb/d West Crude Unit on April 15 for maintenance until at least the second week in May, according to Bloomberg sources.
  • US diesel and gasoline cracks are relatively stable today.
    • US gasoline crack up 0.1$/bbl at 32.08$/bbl
    • US ULSD crack down 0.2$/bbl at 27.03$/bbl