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Mid-Day Oil Summary: Crude Softens

OIL

Crude markets are softer today as a stronger US dollar and API data showing a small build in US crude stocks add downside. The geopolitical risk premium has also eased amid ongoing Israel-Hamas ceasefire talks.

  • Brent JUL 24 down 0.8% at 82.48$/bbl
  • WTI JUN 24 down 0.8% at 77.72$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude +0.5mbbl, Cushing +1.3mbbl, Gasoline +1.5mbbl, Distillate +1.7mbbl
  • Crude stocks in ARA fell by 3.3mn bbls or 6.1% in the week ended May 3 to 50.9mn bbls according to Genscape.
  • Iran plans to raise its oil output by 300-400kbd this year according to Iranian Oil Minister Javad Owji in comments on state TV.
  • Norwegian oil firms agreed a wage deal with workers on Wednesday that will avert strike action later this year - which could have impacted Europe’s biggest gas supplier.
  • Ukraine struck a Russian oil storage facility in Lugansk with a missile strike early on Wednesday.
  • Freight rates for crude and dirty products on Suezmax tankers from the Persian Gulf have been stagnant over the past two months due to falling trading volumes, Platts said.
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