April 24, 2024 18:10 GMT
Oil End of Day Summary: Crude Loses Ground
OIL
WTI has slid further during US hours, as the eroding geopolitical risk premium and concerns about near-term demand growth outweigh a larger than expected US stock draw.
- WTI JUN 24 down 0.9% at 82.62$/bbl
- EIA data, week ending 4/19 - Crude oil: -6.4M, Domestic prod: 13.1MMbpd, SPR: +0.8M, Cushing: -0.6M
- ARA crude inventories fell 741k bbl or 1.3% in the week ended April 19 to 58.4m bbl according to Genscape.
- The first tanker to load crude from the expanded Canadian Trans Mountain pipeline is expected to load in H2 May, but shippers remain concerned over timelines.
- The European Commission is expected to propose sanctions on ships flouting the G7 oil price cap on Russia, Reuters said.
- The CPC oil terminal operator has taken one of its three moorings offline for planned repairs it said via a statement Wednesday.
- Kazakhstan has prepared a plan to compensate for exceeding its OPEC+ production targets in 2024, according to the Ministry of Energy.
- Iraq will maintain its 3.3m b/d crude export cap throughout 2024, Argus said.
- Azerbaijan’s crude oil is becoming lighter, making it less attractive for European refineries configured for diesel production.
- Imports of Russian Urals crude to Turkey rose to a monthly record of 12.5mbbls in March from 9mbbls in February, according to LSEG data.
- China will be the main beneficiary of a recent push in US sanctions against both Iran and Venezuela, which should support deeper oil discounts according to Kpler.
- LNG Energy Group and PDVSA signed an agreement for the financing and developing light and medium oil fields in Venezuela.
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