Oil End of Day Summary: Crude Falling on Week

Crude markets are headed for the close marginally weaker on the day and down around 2% on the week. A strengthening in the US dollar amid stronger US payrolls data has been adding pressure today.

• WTI JUL 24 down 0% at 75.52$/bbl
• Global oil and gas rig count in May fell by 51 rigs on the month to 1,675, according to Baker Hughes. The rig count can be an early indicator of future output.
• Total US oil rigs fell by 4 on the week to 492, down 64 rigs, or 11.5% on the year, according to Baker Hughes.
• The US Department of Energy is looking to buy 6m bbl more barrels for the SPR as it refills while prices are lower, according to Bloomberg.
• Money managers cut their bullish ICE Brent crude bets by 102,075 net-long positions to 45,678, according to Bloomberg citing weekly ICE Futures Europe data.
• China’s imports of Iranian crude jumped to 1.54mn bpd in May according to Kpler - a seven-month high.
• Brazil: oil production was at 3.195mbpd in April, -4.8% m/m, +1.7% y/y – ANP
• US seaborne crude exports crossed the 4mbd mark again in the month of May according to Vortexa.
• The price of North Sea Johan Sverdrup rose as European refineries seek alternatives following the increase in Aramco’s OSPs.
• Angola's July cargoes are selling faster than those for June, with 64% of July supply already traded, Bloomberg said.
• BTC Azeri crude loadings from the Turkish port of Ceyhan are set at 28 cargoes totalling 19.19m bbl, according to a loading programme seen by Bloomberg.