Oil End of Day Summary: Crude Rises

Oil markets are headed for US close trading higher, driven by expectations that OPEC+ will rollover voluntary cuts and keep a lid on supply.

• Brent JUL 24 up 1.2% at 84.13$/bbl
• Barak Ravid at Axios reporting that Israel has submitted to Qatar, Egypt, and the US, "an official, written, and updated proposal regarding the Gaza hostage deal."
• Saudi Aramco may cut prices for most of its crude it sells to Asia in July – the first in 5-months according to Reuters sources.
• Mexico’s Pemex exported 681,000 bpd of crude in April – 31% lower y/y.
• Crude throughput at China’s refineries is unlikely to see a strong recovery in May after hitting a four-month low in April, according to Platts.
• Libya has revised down its planned crude exports for May to 1.1m b/d.
• Russia’s seaborne crude exports have slipped back ahead of the latest OPEC+ meeting as the group wrestles with Russia’s confusing commitments to the group since the Ukraine invasion.
• India’s Reliance signed a one-year deal with Rosneft for at least 3m bbl/month of Urals crude to be paid in roubles.
• Nigeria plans to export 92k b/d of Amenam crude in July, near steady on the 95k b/d of exports for June, according to a loading programme seen by Bloomberg.
• Iraq’s federal oil ministry called International Oil Companies working in Kurdistan for a meeting in Baghdad to discuss resuming oil exports via Ceyhan.
• Daily shipping slots via the Panama Canal are slowly improving as water levels rise in the connected Gatun reservoir, shipping sources told OPIS.
• Plains Pipeline is raising oil shipping rates from the company’s Ten Mile Station in Alabama to Chevron’s 330k b/d Pascagoula refinery in Mississippi, Bloomberg reported.