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Oil End of Day Summary: Crude Dips Below Support Level

OIL

WTI has dipped below its first support level to be at its lowest since April 1. Oil is shedding some of the geopolitical risk premium as focus shifts to demand concerns from delayed US rate cuts.

  • WTI MAY 24 down 2.8% at 82.95$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Apr 12: Crude stocks +2,735 vs Exp +1,427. Crude production 0, SPR stocks +648, Cushing stocks +33
  • The Biden Administration has signalled that it could reimpose sanctions on Venezuela tomorrow in response to what it sees as a failure of Maduro to meet his commitments to free and fair elections, according to Reuters.
  • The Biden administration’s threat to reimpose sanctions on Venezuela from April 18 risks removing one key buffer that has slowed crude’s ascent towards $100/b: Bloomberg.
  • ARA crude inventories rose 3.7m bbl or 6.7% in the week ended April 12 to 59.1m bbl: Genscape.
  • Western Canadian Select’s discount in Alberta to WTI shrunk to $11.80/b, the narrowest since July 11, according to Bloomberg citing General Index pricing.
  • ADNOC Trading has bought at least four June-loading cargoes of Abu Dhabi's Upper Zakum crude in the spot market, tightening Middle East supply according to Reuters sources.
  • CPC blend crude oil exports are set to decline to around 4.9mn tons in May, compared with 5.4mn tons planned for April due to planned maintenance on the Tengiz oilfield.
  • An additional Supertanker carrying WTI Midland crude is signalling Nigeria’s new 615k b/d Dangote refinery as its destination.
  • Angola is to load 1.14m b/d of crude in June, according to a preliminary loading programme.
  • MNI COMMODITY WEEKLY: Rush to Restore Russia’s Damaged Refineries – Full piece here: https://enews.marketnews.com/ct/x/pjJscQbbn-sI6a81cRByGw~k1zZ8KXr-kA8x6nBCZ6jptIPjO1OcQ
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