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MNI Commodity Weekly: Saudi Crude Drop Leading Middle East Slowdown

OIL

Executive Summary:


  • Saudi Crude Drop Leading Middle East Slowdown: Saudi crude export weakness in June was a key global driver for oil market supply tightening but the Kingdom is losing market share from main buyers, supporting a further August OSP cut for Asia.
  • Oil Markets: Brent crude has steadied after falling to its lowest since mid-June amid recent strength in the US dollar and concern for weaker demand in China. Diesel and gasoline crack spreads continue to face downside pressure from limited demand and healthier stock levels. (Pg.3)
  • Analyst Views: See latest oil market views from biggest names in the industry. (Pg.7)

Full piece here:

MNI Commodity Weekly - Saudi Crude Drop Leading Middle East Slowdown.pdf

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