May 15, 2024 18:18 GMT
Oil End of Day Summary: Crude Finds Gains
OIL
WTI has climbed to a new intraday high as US close nears. Support comes from EIA data showing an above expectation draw in US crude stocks, coupled with US macro data which could support Fed rate cuts this year.
- WTI JUN 24 up 0.9% at 78.69$/bbl
- CPI Apr'24 Unrounded % M/M (SA): Headline 0.313%; Core: 0.292% (0.359% prior mth)
- EIA Weekly US Petroleum Summary - w/w change week ending May 10: Crude stocks -2,508 vs Exp -223, Crude production 0, SPR stocks +593, Cushing stocks -341
- Agreement on revised OPEC+ member production capacity and baselines “would be a critical and positive outcome,” according to JPMorgan via Bloomberg.
- The outlook for global oil demand growth continues to soften this year according to the IEA in its latest monthly report.
- The threat of a wildfire in the hub of Canada’s oil-sands industry is abating as temperatures cool and winds shift, although the chance of rains putting out the flames entirely is low, Bloomberg said.
- US oil production has “stalled out in the fourth or fifth inning” of its output life, the president of Diamondback Energy said, cited by Bloomberg.
- Crude stocks in ARA increased by 3.98mbbls or 7.8% in the week ended May 10 to 54.85mbbls according to Genscape.
- Caspian CPC Blend loadings for June are expected to rise by to 1.3m-1.4m b/d, according to Bloomberg, citing market traders.
- At least three tankers of Russian Urals oil chose to take the longer route via the Cape of Good hope in March, Reuters said.
- The Russian oil price cap shows the limits of the use of sanctions according to Energy Aspects.
- Colombia's average daily oil output is ~800,000 bpd: ANH.
- MNI COMMODITY WEEKLY: Oil Markets Look Towards OPEC Meet After Geopolitical Risks Fade – Full piece here: https://enews.marketnews.com/ct/x/pjJscQnaxrkI6a8zdU8nTw~k1zZ8KXr-kA8x6nOCMfxptIPjO1OcQ
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