Oil End of Day Summary: Crude Falls

Crude prices are headed for US close trading lower amid easing concerns of disruption in the USGC due to Hurricane Beryl.

• WTI AUG 24 down 1% at 81.51$/bbl
• The EIA in its July Short Term Energy outlook has marginally decreased its forecast for 2024 global oil demand to 102.9m b/d.
• OPEC and its Russia-led allies moved closer to quota compliance in June, cutting crude output by 130k b/d to 40.87m b/d, according to a Platts survey.
• The Houston ship channel remains closed for oil tankers July 9, according to Moran shipping.
• Out-of-control wildfire discovered late July 8 is five hectares and is within 10km of oil wells, Bloomberg said.
• US crude oil inventories are expected to have fallen by 1.1m bbl in the week to July 5, according to a WSJ survey.
• Russia’s weekly crude exports plummeted in the seven days to July 7, the biggest fall since the invasion of Ukraine in Feb. 2022, Bloomberg said.
• Russian produced moved closer to meeting OPEC+ targets in June according to Bloomberg Energy Ministry sources.
• Saudi crude oil exports to China will jump higher in August to at least 44 million barrels due to recent price cuts according to Reuters sources.
• Canda’s Cenovus Energy said on Monday it was demobilizing further staff at its Sunrise oil sands project in northern Alberta as a precaution due to an evolving wildfire situation.
• A more severe Atlantic hurricane season than normal poses more upside for refining margins rather than oil according to a Goldman Sachs research note.