Oil End of Day Summary: Crude Climbs on Week

WTI is headed for US close around 2.4% higher on the week, despite falling back on the day to levels seen June. 17. A stronger USD has added some pressure on the day, although signs of improved summer demand and falling US stocks will be supportive.

• WTI AUG 24 down 1% at 80.48$/bbl
• US total oil rig count fell by 3 on the week to 485 rigs, down 11.2% on the year
• Russian Urals crude exports from Russia’s two Baltic ports are set to drop to 6.1m mt or 1.49m b/d in June, according to Bloomberg.
• Indian refiners’ throughput in May rose 1.3% year-on-year to 5.44m b/d, or 23.03m mt, government data showed, cited by Reuters.
• The share of Russian oil in India’s oil imports in May rose to 41%, tanker data showed, cited by Reuters.
• Nigeria plans to export five cargoes of Qua Iboe crude in August, each of 950k bbl, according to Bloomberg.
• Sonangol allocated seven cargoes for August loading to Sinochem, traders told Bloomberg.
• Kpler data shows at least ten Suezmax tankers and one VLCC have loaded clean petroleum product so far this year after cleaning to carry different types of oil cargo.
• Saudi Arabia’s fiscal breakeven oil price is set to reach nearly $95/bbl in 2024, according to BofA.
• Oil faces bullish pressures with seasonal tightness over the peak summer season, according to Citigroup.
• Iraq is looking to upgrade the south-north connectivity of its ageing pipeline network, according to MEES, forming the backbone of future cross-border export routes, MEES said.
• Ecuador’s Petroecuador has declared a force majeure over deliveries of Napo heavy crude exports due to the closure of a key pipeline and several wells, Reuters said.