Oil End of Day Summary: Crude Rises

Crude markets are maintaining gains during US hours after a larger than expected draw in US crude inventories according to the update EIA weekly petroleum data.

• WTI SEP 24 up 0.9% at 77.63$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Jul 19: Crude stocks -3,741 vs Exp -1,545: Crude production 0, SPR stocks +690, Cushing stocks -1,708
• Prompt spreads suggest a tight near-term market with the last three weeks showing a sharp drawdown in crude inventory in the US to add to geopolitical and weather-related supply risks.
• Alberta’s out-of-control wildfires greater than 10 hectares in size are now within 10km of around 389k b/d of oil production. Bloomberg said.
• Russia has submitted a compensation plan to OPEC to deal with its previous overproduction beyond its quotas, The country’s Energy Ministry said via Telegram.
• ARA crude storage fell 6.4% or 3.4mbbls in the week ended July 19 to 49.6mbbls according to Genscape.
• India’s crude oil imports in June fell by 5.6% year on year to 18.5m tons and compared to 22.0m tons in May, according to provisional data from the oil ministry’s Petroleum Planning & Analysis Cell.
• MNI COMMODITY WEEKLY: https://enews.marketnews.com/ct/x/pjJscVOIle0I6a5kdR1zSw~k1zZ8KXr-kA8x6mUWpSlptIPjO1OcQ