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Oil End-Day Summary: Crude Rebounds to Test Recent High

OIL

Crude prices rebounded during the session to test the range highs and technical resistance in volatile trading today with support from a weaker US dollar and tighter supply concerns.

  • Brent SEP 23 up 1.3% at 77.48$/bbl
  • WTI AUG 23 up 1.3% at 72.76$/bbl
  • Brent SEP 23-OCT 23 up 0.02$/bbl at 0.32$/bbl
  • Pipeline damages on Iraq-Turkey export pipeline to the port of Ceyhan are likely the cause for the continued halt in flows, Iraq’s oil minister said.
  • Kazakhstans’s crude production has been recovering after a power outage earlier this week constrained supply.
  • Equinor’s Oseberg East platform has paused production since Thursday afternoon on staff shortages.
  • Near term diesel time spreads and cracks received some support earlier in the session from supply constraints in Germany but have since then slipped back. OMV halted deliveries of diesel and heating oil from its Burghausen refinery in addition to supply interruptions of its Munich storage site reported on Wednesday. Bayernoil’s Neustadt refinery suspended wholesale heating oil deliveries for July following a fire earlier this week.
  • Gasoil JUL 23 up 3.5% at 746$/mt
  • Gasoil JUL 23-AUG 23 down -1$/mt at 12.25$/mt
  • US gasoline crack up 0.4$/bbl at 35.59$/bbl
  • US Henry Hub recovered earlier gains with the updated inventory data. The newest EIA weekly gas inventories for the week ending 30 June showed a build of +72bcf, compared with expectations of +65bcf an the 5-year average of +74bcf.
  • US Natgas AUG 23 up 0.9% at 2.63$/mmbtu
Energy BulletsCommodities
Energy BulletsCommodities

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