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Mid-Day Oil Summary: Crude Weakens

OIL

Crude shows further weakness on Wednesday, pricing off this week after the Texas energy industry came away fairly unscathed from Hurricane Beryl. Signs of China weakness in the latest inflation data and further Middle East peace talks add further downward pressure.

  • Brent SEP 24 down 0.3% at 84.44$/bbl
  • WTI AUG 24 down 0.2% at 81.24$/bbl
  • US gasoline crack down 0.4$/bbl at 24.25$/bbl
  • US ULSD crack down 0.3$/bbl at 24.16$/bbl
  • The Israeli Defence Forces (IDF) have dropped leaflets on Palestinian civilians in Gaza City warning them to evacuate to the south amid the expectation of a major military operation in the city. Areas of northern and central Gaza, including Gaza City, have faced
  • The EIA monthly report on Tuesday forecast global oil demand will outpace supply next year, reversing a prior call for a surplus.
  • API figures showed crude stockpiles shrank by 1.92 mn bbls last week.
  • ARA crude storage rose 2.6% or 1.4mn bbls in the week ended July 5 to 55.6mn bbls according to Genscape.
  • API figures showed gasoline inventories were assessed down by 2.954 mn bbls, adding support for the summer driving season which is proving lackluster so far.
  • OPEC releases its monthly report later Wednesday while the IEA releases its Thursday.
  • Phillips 66 provided an operations update following Hurricane Beryl making Texas landfall on Monday.
  • Wednesday’s EIA report comes three years after an all-time record for weekly U.S. gasoline demand of 10.04mn bpd recorded for 7/2/2021.
  • Kuwait’s Al Zour has awarded its spot tender for 0.5% VLSFO cargo loading later in July according to Reuters sources Wednesday.
  • Russian drone attacks on an energy facility in Ukraine’s Rivne region caused a fire and temporary power cuts in the region, Ukrenergo said.
  • Shandong independent refineries’ CDU operating rate fell to a two-year low, according to OilChem.
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Crude shows further weakness on Wednesday, pricing off this week after the Texas energy industry came away fairly unscathed from Hurricane Beryl. Signs of China weakness in the latest inflation data and further Middle East peace talks add further downward pressure.

  • Brent SEP 24 down 0.3% at 84.44$/bbl
  • WTI AUG 24 down 0.2% at 81.24$/bbl
  • US gasoline crack down 0.4$/bbl at 24.25$/bbl
  • US ULSD crack down 0.3$/bbl at 24.16$/bbl
  • The Israeli Defence Forces (IDF) have dropped leaflets on Palestinian civilians in Gaza City warning them to evacuate to the south amid the expectation of a major military operation in the city. Areas of northern and central Gaza, including Gaza City, have faced
  • The EIA monthly report on Tuesday forecast global oil demand will outpace supply next year, reversing a prior call for a surplus.
  • API figures showed crude stockpiles shrank by 1.92 mn bbls last week.
  • ARA crude storage rose 2.6% or 1.4mn bbls in the week ended July 5 to 55.6mn bbls according to Genscape.
  • API figures showed gasoline inventories were assessed down by 2.954 mn bbls, adding support for the summer driving season which is proving lackluster so far.
  • OPEC releases its monthly report later Wednesday while the IEA releases its Thursday.
  • Phillips 66 provided an operations update following Hurricane Beryl making Texas landfall on Monday.
  • Wednesday’s EIA report comes three years after an all-time record for weekly U.S. gasoline demand of 10.04mn bpd recorded for 7/2/2021.
  • Kuwait’s Al Zour has awarded its spot tender for 0.5% VLSFO cargo loading later in July according to Reuters sources Wednesday.
  • Russian drone attacks on an energy facility in Ukraine’s Rivne region caused a fire and temporary power cuts in the region, Ukrenergo said.
  • Shandong independent refineries’ CDU operating rate fell to a two-year low, according to OilChem.