Mid-Day Oil Summary: Crude Stable

Crude prices are stable today, remaining in yesterday’s trading range. A crude draw expected in US stocks, coupled with a pull back in the USD has been supportive. Signs of weakening demand growth in China continue to add downside.

• Brent SEP 24 up 0.2% at 83.91$/bbl
• WTI AUG 24 up 0.4% at 81.05$/bbl
• API data showed US crude inventories fell 4.44mbbl last week after drawdowns in the official EIA in the previous couple of weeks and with a survey expecting a 736kbbl draw, according to Bloomberg. Gasoline rose 365kbbl and distillate 4.92mbbl.
• A wildfire is within 10km of Canadian Natural’s Kirby oil sands, according to data from Alberta Wildfire and Alberta Energy Regulator cited by Bloomberg.
• North Dakota oil production was down 49,000 bpd in May vs April at 1,195,000 bpd – according to the state regulator – its lowest since January.
• Mexico cannot afford to neglect the exploitation of unconventional hydrocarbon resources, often extracted via fracking, experts opined at an energy forum held at the Mexican senate, Platt said.