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Oil End of Day Summary: Crude at 6-Week Low

OIL

WTI has fallen to its lowest level since mid-March after a larger than expected build in US crude stocks in the latest EIA data. Crude hit new intraday lows after the FOMC held rates steady, which could hamper future demand.

  • WTI JUN 24 down 3.6% at 78.95$/bbl
  • OPEC’s crude production was steady at 26.81m b/d in April, leaving the bloc’s latest cuts incomplete, Bloomberg said.
  • EIA Weekly US Petroleum Summary - w/w change week ending Apr 26: Crude stocks +7,265 vs Exp -2,018.
  • ARA crude storage fell 4.2mn bbls or 7.2% in the week ended April 26 to 54.2mn bbls: Genscape.
  • The Canada Energy Regulator (CER) approved the final permits for the Trans Mountain Pipeline extension on Tuesday.
  • Logistical constraints are set to limit exports from Canada’s soon to start TMX pipeline according to analysts and shipbrokers.
  • An oversupply of Aframax tankers on the west coast of the Americas in anticipation of the TMX pipeline startup pressed Vancouver loading rates to a six-month low towards the end of April according to Argus reports.
  • Oil exports from Eastern Canada rose to an average of 309.419k b/d in April, the highest in a year, according to Bloomberg, citing Vortexa data.
  • Exports crude from the US hit a 2024 year-to-date monthly low in April as refinery maintenance in Europe peaked, according to Bloomberg.
  • Iran’s observed crude and condensate shipments stood at 1.27m b/d in April, according to preliminary estimations, according to Bloomberg.
  • Nigeria rescheduled one shipment each of Bonny Light and Forcados crude from late-May loading into early June.
  • MNI COMMODITY WEEKLY: Mexican Fuel Ambitions a Blow for US Refiners. See pdf: https://roar-assets-auto.rbl.ms/files/62416/MNI%20Commodity%20Weekly%20-%20Mexican%20Fuel%20Ambitions%20a%20Blow%20for%20US%20Refiners.pdf
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WTI has fallen to its lowest level since mid-March after a larger than expected build in US crude stocks in the latest EIA data. Crude hit new intraday lows after the FOMC held rates steady, which could hamper future demand.

  • WTI JUN 24 down 3.6% at 78.95$/bbl
  • OPEC’s crude production was steady at 26.81m b/d in April, leaving the bloc’s latest cuts incomplete, Bloomberg said.
  • EIA Weekly US Petroleum Summary - w/w change week ending Apr 26: Crude stocks +7,265 vs Exp -2,018.
  • ARA crude storage fell 4.2mn bbls or 7.2% in the week ended April 26 to 54.2mn bbls: Genscape.
  • The Canada Energy Regulator (CER) approved the final permits for the Trans Mountain Pipeline extension on Tuesday.
  • Logistical constraints are set to limit exports from Canada’s soon to start TMX pipeline according to analysts and shipbrokers.
  • An oversupply of Aframax tankers on the west coast of the Americas in anticipation of the TMX pipeline startup pressed Vancouver loading rates to a six-month low towards the end of April according to Argus reports.
  • Oil exports from Eastern Canada rose to an average of 309.419k b/d in April, the highest in a year, according to Bloomberg, citing Vortexa data.
  • Exports crude from the US hit a 2024 year-to-date monthly low in April as refinery maintenance in Europe peaked, according to Bloomberg.
  • Iran’s observed crude and condensate shipments stood at 1.27m b/d in April, according to preliminary estimations, according to Bloomberg.
  • Nigeria rescheduled one shipment each of Bonny Light and Forcados crude from late-May loading into early June.
  • MNI COMMODITY WEEKLY: Mexican Fuel Ambitions a Blow for US Refiners. See pdf: https://roar-assets-auto.rbl.ms/files/62416/MNI%20Commodity%20Weekly%20-%20Mexican%20Fuel%20Ambitions%20a%20Blow%20for%20US%20Refiners.pdf