Oil End of Day Summary: Crude Highest Since Late April

WTI has risen to the highest level since April 29, supported by improved sentiment for summer demand.

• WTI AUG 24 up 2.4% at 83.48$/bbl
• OPEC’s crude production was steady for the third month, while some members continued to exceed their quotas, according to Bloomberg.
• US Crude oil and gasoline stockpiles were seen falling last week, according to a Reuters survey of four analysts.
• Saudi Aramco may cut prices for its Arab Light crude sold to Asia again in August following the first cut in five months in July, according to a Bloomberg survey.
• Around 20 vessels loaded from the recently opened Trans Mountain Pipeline expansion in its first month in service according to Kpler.
• China’s Rongsheng has bought three Canada Access Western Blend cargoes via the TMX pipeline for September arrival according to Bloomberg sources.
• Crude imports to Asia ticked lower year on year in the first half of 2024 despite expectations for the region to lead global demand growth according to Reuters.
• “Declining US production in Q4 and a slow-walk back of returning OPEC+ supply” will support Brent prices although summer upside is limited by fuel demand, according to Rabobank.
• Floating crude, stationary for at least 7 days, fell to 73.29m bbl as of June 28, down 24% from 96.40m bbl on June 21 according to Vortexa.
• Oil exports from Saudi Arabia slumped in June to a 10-month low as the Kingdom keeps a lid on supply and domestic crude demand rises, Bloomberg said.
• Brazil’s exports of crude oil in June rebounded to a 3-month high in June as maintenance at one of its refineries started, according to Bloomberg.