Oil End of Day Summary: Crude Loses Ground as Hurricane Fear Abates

Crude prices have slipped back as US close approaches. Downward pressure late in the day comes from abating fears of disruption in the Gulf of Mexico due to Hurricane Beryl.

• WTI AUG 24 down 0.5% at 82.94$/bbl
• The API US oil inventory data is due at 16:30ET.
• US crude oil inventories are expected to have fallen by 1.1m bbl in the week to June 28, according to a WSJ survey of eight analysts and traders.
• US Crude oil and gasoline stockpiles were seen falling 0.7m bbl last week, according to an extended Reuters survey.
• Loadings of the 12 main North Sea oil grades in August are set to fall to 1.83mb/d, or 56.76mbbl: Bloomberg.
• Saudi Arabia led a big drop in seaborne oil flows in June, Bloomberg said.
• Venezuelan President Nicolas Maduro said on Monday he had accepted a proposal to restart direct talks with the U.S.
• Venezuelan oil exports were flat in June m/m at 760,000 bpd with U.S. special licenses supporting around half the volumes to head to the U.S. and Europe according to LSEG data.
• Libya plans to export 32.44m bbl, or 1.05m b/d of crude in July, according to a loading programme seen by Bloomberg.
• Iran’s Oil Minister Javad Owji said that the country’s oil output had reached 3.57mn bpd according to Tasnim reports.
• Brazilian oil production was at 3.318mbpd in May, +3.9% m/m and +3.6% y/y according to ANP figures.
• Interest in Angolan oil appeared to pick up July 2 as around half of the export programme has been sold, Reuters said.
• Short-term indicators in the physical crude market remain mixed despite the advance in flat price due to geopolitics, elections, expectations of supportive Q3 crude balances and the predicted active hurricane season: Sparta Commodities.