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Oil End of Day Summary: Crude Falls

OIL
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Crude prices are headed for US close trading lower after reversing much of Friday’s gains. However, they are largely rangebound over the last three days. Traders are awaiting clearer signals for direction ahead of OPEC’s key production meeting in June.

  • WTI JUN 24 down 0.5% at 79.62$/bbl
  • Oil demand in JODI-reporting countries rose by 1.3mb/d in March driven by gasoline demand, but was down 285kb/d year on-year: JODI
  • Residents evacuated by wildfires surrounding parts of Canada’s Fort McMurray last week were allowed to return home on Saturday.
  • Russia’s oil output in 2024 to date is 1.8% lower than the same period in 2023, amid voluntary production cuts as part of the OPEC+ deal, Russia’s President Vladimir Putin said May 20.
  • No progress has been made with international companies to resume exports from the Kurdistan region of Iraq according to Prime Minister Mohammed Shia Al-Sudani.
  • Crude oil floating storage held on tankers for at least 7 days rose to 69.27mn bbls as of May 17 according to Vortexa – 15% higher than the week prior.
  • China's crude stockpiles increased in April as slower refinery processing outweighed a decline in imports, according to Reuters calculations based on official data.
  • China imported crude oil from Venezuela for the third straight month according to official customs data while imports from Russia fell back after a surged to a near record high in March.
  • Russian tankers have moved back to oil transfers in the Laconian Gulf off Greece now that Greek naval drills have come to an end.
  • Asia, excluding India, bought just one cargo of CPC blend for June loading, according to Bloomberg.
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Crude prices are headed for US close trading lower after reversing much of Friday’s gains. However, they are largely rangebound over the last three days. Traders are awaiting clearer signals for direction ahead of OPEC’s key production meeting in June.

  • WTI JUN 24 down 0.5% at 79.62$/bbl
  • Oil demand in JODI-reporting countries rose by 1.3mb/d in March driven by gasoline demand, but was down 285kb/d year on-year: JODI
  • Residents evacuated by wildfires surrounding parts of Canada’s Fort McMurray last week were allowed to return home on Saturday.
  • Russia’s oil output in 2024 to date is 1.8% lower than the same period in 2023, amid voluntary production cuts as part of the OPEC+ deal, Russia’s President Vladimir Putin said May 20.
  • No progress has been made with international companies to resume exports from the Kurdistan region of Iraq according to Prime Minister Mohammed Shia Al-Sudani.
  • Crude oil floating storage held on tankers for at least 7 days rose to 69.27mn bbls as of May 17 according to Vortexa – 15% higher than the week prior.
  • China's crude stockpiles increased in April as slower refinery processing outweighed a decline in imports, according to Reuters calculations based on official data.
  • China imported crude oil from Venezuela for the third straight month according to official customs data while imports from Russia fell back after a surged to a near record high in March.
  • Russian tankers have moved back to oil transfers in the Laconian Gulf off Greece now that Greek naval drills have come to an end.
  • Asia, excluding India, bought just one cargo of CPC blend for June loading, according to Bloomberg.