July 03, 2024 18:18 GMT
Oil End of Day Summary: Crude Climbs
OIL
Crude markets are trading higher ahead of the US holiday tomorrow, boosted by an unexpected US stock build. Despite some alleviation of concern, the market will be keeping an eye on potential supply risks due to Atlantic hurricanes.
- WTI AUG 24 up 1.1% at 83.68$/bbl
- The near-term crude options skews have turned slightly more bearish again after briefly touching into positive territory earlier this week.
- EIA Weekly US Petroleum Summary - w/w change week ending Jun 28: Crude stocks -12,157 vs Exp -411, Crude production 0, SPR stocks +398, Cushing stocks +345
- ARA crude storage fell 759k bbls or 1.4% in the week ended June 28 to 54.1mn bbls according to Genscape figures.
- The Biden administration remains open to dialogue with the Venezuelan government according to U.S. officials.
- Kazakhstan was still exceeding its OPEC+ quota in June with oil and gas condensate production up 4% m/m on a daily basis to 7.24m metric tons, according to Reuters sources.
- Hurricane impacts for the U.S. are potentially more bearish for oil markets nowadays because they risk refinery shut ins according to RBC’s Head of Commodity Research Helima Croft in a CNBC interview.
- Ratcheting tensions between Israel and Lebanon risk escalating the Middle East conflict by drawing Iran into direct confrontation according to RBC
- Upgrades to the Abu Dhabi Ruwais refining complex have enabled Adnoc to export record volumes of Murban crude this year according to MEES analysis.
- MNI COMMODITY WEEKLY – Beryl Sets Tone for Hyperactive Hurricane Season: https://enews.marketnews.com/ct/x/pjJscVCOlr0I6a5lJkt2HQ~k1zZ8KXr-kA8x6mXXJf1ptIPjO1OcQ
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