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Oil End-Day Summary: Crude Trades Lower

OIL

Front month Brent crude has reversed some earlier losses but continues to trade lower today amid weak economic figures out of China and the resumption of production at key Libyan oil fields. Brent spiked earlier today following a Reuters headline that Saudi Arabia will extend its crude output cut until end-2024. The headline was retracted shortly after.

  • Crude prices spiked earlier today after Reuters posted a headline that Saudi Arabia will be extended its pledged output cut until the end of 2024. The alert was retracted shortly after as it was a repeat of news published on 4 June. Brent front month spiked to $80.64/bbl.
  • Libya’s Sharara and El Feel oil fields resumed production on Sunday. The 108 field remains shut.
  • Loadings at Shell’s Forcados crude oil terminal in Nigeria remain halted since Wednesday. Three tankers are waiting at the terminal.
  • China’s GPD grew only 0.8% in April-June vs the previous quarter. Major banks revised down China’s 2023 GPD growth forecasts to 5%.
  • Brent SEP 23 down -0.9% at 79.18$/bbl
  • WTI AUG 23 down -0.8% at 74.8$/bbl
  • Russia plans to reduce exports from its Baltic and Black Sea ports in August, as well as pipeline flows, as part of pledged exports cuts. Russia plans to reduce Q3 oil exports by 2.1mn tons.
  • Russia raised July processing rates to a 13-week high before the country will cut subsidies from September.
  • India will face difficulties buying Russian crude as Urals crude has risen above the $60/bbl price cap last week.
  • Chinese refiners are set to replace some Saudi barrels with imports from Brazil during Q3. Chinese refinery throughput was at 60.95mn tons in June, a marginal increase month on month. In H1 Chinese refiners processed 363.6mn tons of crude, up by 9.9% YoY.
  • Gasoline cracks softened last week after data suggested demand slipped heavily following the 4 July holiday boost. Diesel had been supported by refinery issues in Germany last week.
  • US gasoline demand rose 1.8% last week, compared to the previous week.
  • Gasoil AUG 23 down -1% at 748.25$/mtGasoil AUG 23-SEP 23 down -1.25$/mt at 4.5$/mt
  • EU Gasoil-Brent down -0.1$/bbl at 20.62$/bbl
  • US gasoline crack down -0.1$/bbl at 35.58$/bbl
  • US ULSD crack down -0.3$/bbl at 33.35$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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