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Oil End of Day Summary: Crude Finds Late Support

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Crude markets have found support during US hours, despite an unexpected crude stock build in the latest EIA data. WTI is likely readjusting after steep losses yesterday.

  • WTI JUL 24 up 0.9% at 73.94$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending May 31: Crude stocks +1,233 vs Exp -1,909, Crude production 0, SPR stocks +898, Cushing stocks +854
  • The U.S. may speed up its SPR refill as maintenance on the stockpile is completed by the end of the year, Energy Secretary Jennifer Granholm told Reuters on Tuesday.
  • Saudi Aramco cut its OSP for Arab Light to Asia by 50 cents/b to a $2.40/b premium over Oman/Dubai average, the first cut in five months.
  • Western Canada Select (WCS) for July delivery in Hardisty, Alberta, traded at $13.35/bbl below WTI on Tuesday, according to brokerage CalRock, having settled at $12.50/bbl under the benchmark on Monday.
  • Canadian heavy crude discounts to WTI have narrowed in Vancouver following the startup of the expanded 890k b/d Trans Mountain pipeline, traders told Bloomberg.
  • Oil sellers this week have got it wrong after the latest OPEC+ meeting according to Wayne Gordon of UBS Global Wealth Management in a CNBC interview.
  • Libya set its Es Sider OSP for June at a discount of $1.25/b to Dated Brent, according to Bloomberg, citing a price list.
  • Libya will export 31.4m bbl, or 1.05m b/d of crude in June, according to Bloomberg.
  • UKMTO received a report of an incident in the Red Sea 50nm southwest of Al Shuqaiq, Saudi Arabia.
  • Crude tanker freight rates could garner support from non-OPEC+ production during the summer and into Q4 from the planned easing of OPEC+ cuts, according to Platts.
  • MNI COMMODITY WEEKLY: (Oil & Oil Products): here
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Crude markets have found support during US hours, despite an unexpected crude stock build in the latest EIA data. WTI is likely readjusting after steep losses yesterday.

  • WTI JUL 24 up 0.9% at 73.94$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending May 31: Crude stocks +1,233 vs Exp -1,909, Crude production 0, SPR stocks +898, Cushing stocks +854
  • The U.S. may speed up its SPR refill as maintenance on the stockpile is completed by the end of the year, Energy Secretary Jennifer Granholm told Reuters on Tuesday.
  • Saudi Aramco cut its OSP for Arab Light to Asia by 50 cents/b to a $2.40/b premium over Oman/Dubai average, the first cut in five months.
  • Western Canada Select (WCS) for July delivery in Hardisty, Alberta, traded at $13.35/bbl below WTI on Tuesday, according to brokerage CalRock, having settled at $12.50/bbl under the benchmark on Monday.
  • Canadian heavy crude discounts to WTI have narrowed in Vancouver following the startup of the expanded 890k b/d Trans Mountain pipeline, traders told Bloomberg.
  • Oil sellers this week have got it wrong after the latest OPEC+ meeting according to Wayne Gordon of UBS Global Wealth Management in a CNBC interview.
  • Libya set its Es Sider OSP for June at a discount of $1.25/b to Dated Brent, according to Bloomberg, citing a price list.
  • Libya will export 31.4m bbl, or 1.05m b/d of crude in June, according to Bloomberg.
  • UKMTO received a report of an incident in the Red Sea 50nm southwest of Al Shuqaiq, Saudi Arabia.
  • Crude tanker freight rates could garner support from non-OPEC+ production during the summer and into Q4 from the planned easing of OPEC+ cuts, according to Platts.
  • MNI COMMODITY WEEKLY: (Oil & Oil Products): here