Oil End of Day Summary: Crude Falls on Dollar Strength

WTI is headed for US close trading lower and having erased most of yesterday's gains. Downward pressure comes from a stronger USD driven by higher treasury yields and fears of ‘higher-for-longer’ US interest rates

• WTI JUL 24 down 0.6% at 79.32$/bbl
• USD Index up 0.39% at 1254.01
• The IRGC-linked Tasnim News Agency has reported that Iran has provided the Houthi rebels in Yemen with its latest Ghadr sea-launched ballistic missiles.
• The rising global oil inventories through April may boost the case for OPEC+ to extend its voluntary cuts into H2: Reuters
• Non-OPEC+ seaborne crude exports remain strong but both non-OPEC+ and OPEC+ are sending less barrels to an oversupplied Atlantic Basin according to Vortexa.
• US crude oil inventories are expected to have fallen by 1.4m bbl in the week to May 24, according to a WSJ survey of eight analysts and traders.
• Canada’s oil industry remains competitive globally due to lower breakevens, but federal climate regulations could cap long-term output, according to BNEF.
• ARA crude inventories rose 778k bbl or 1.4% the in week ended May 24 to 58.5m bbl according to Genscape.
• The Caspian Pipeline Consortium expects its oil exports to fall 7% short of targets this year due to a drop from Tengiz.
• Angola is set to load 1.12m b/d of crude in July, according to the final loading schedule, cited by Bloomberg.
• Iraq exported 102.38m bbl of crude in April, according to the country’s Oil Ministry.
• BofA expects OPEC+ to extend its current cuts into H2 according to Francisco Blanch, its Securities head of global commodity and derivatives research in a CNBC interview.
• Goldman Sachs expect global oil demand to peak in 2034, according to its analyst Dean Struyven, cited by Bloomberg.
• MNI COMMODITY WEEKLY- Full piece here: https://enews.marketnews.com/ct/x/pjJscQiKkOwI6a8xIRB1GQ~k1zZ8KXr-kA8x6nPWJGkptIPjO1OcQ