Oil End-Day Summary: Crude Edges Higher

Oil is edging higher on Thursday amid tighter supply from Saudi Arabia and Russia while Brent has been trading around the $80/bbl mark.

• Brent crude prices have broken to a higher range though July after getting stuck in a $72-78/bbl range through May and June supported by Saudi cuts and signs of dropping Russian flows.
• Brent SEP 23 up 0.2% at 79.61$/bbl
• WTI SEP 23 up 0.25% at 75.48$/bbl
• Loadings at Shell’s Forcados oil terminal remain suspended and Shell is likely to have to defer several cargoes planned to load this month into August.
• Russian Urals STS transfers paused so far in July with only one transfer reported.
• China imported record levels of crude oil from Russia in June at 10.5mn tons, or 2.56mbpd. Malaysian crude imports in June also reached a record of 1.511mbpd.
• Iraq’s crude production rose by 70kbpd MoM to 4.47mbpd in June.
• The US is on track to take in higher imports of crude from Mexico in July as demand for sour crude replacement ticks higher.
• China’s fuel oil imports reached the highest level in 2023 in June.
• Russian oil products exports edged higher in July amid higher diesel and naphtha shipments near record levels.
• Gasoline and gasoil stocks rose in ARA last week according to Insights Global latest figures.
• US cracks responded positively to the overall high demand figures in the EIA report yesterday. Cracks have eased back today.
• US gasoline crack down -0.3$/bbl at 38.81$/bbl
• US ULSD crack up 0$/bbl at 35.5$/bbl
• Gasoil AUG 23 down -0.6% at 771.25$/mt
• Gasoil AUG 23-SEP 23 down -0.75$/mt at 5$/mt
• EU Gasoil-Brent up 0.2$/bbl at 23.25$/bbl