Oil End of Day Summary: Crude Sees Daily Fall But Weekly Rise

WTI is set to end the week up around 1.9%. However, it has lost ground today as US close approaches. Front month remains within the three-day trading range

• WTI AUG 24 down 0.7% at 83.29$/bbl
• Hurricane Beryl forecasts show the tropical storm is no longer a threat to BP’s Gulf of Mexico assets according to the company.
• US total oil and gas rig count was up 4 on the week at 585 rigs, according to Baker Hughes, the first rise since May 17.
• Saudi Arabia’s price cut for its flagship Arab Light crude sold to Asian customers was less significant than expected, DNB markets said
• Canadian heavy crude prices strengthened for a second day after Suncor cut production at its Firebag oil-sands site due to wildfires.
• Suncor Energy has shut down its 215,000 bpd Firebag oil sands site in northern Alberta in precautionary measures for a wildfire about 5 miles away.
• ADNOC OSP - Adnoc set the Murban OSP at $82.52/bbl for August compared to $83.93/bbl in July.
• Russian ESPO blend oil exports from Kozmino were revised up by 0.3 million metric tons to 4.2 million tons (1 mn bpd) in July according to Reuters sources.
• Kazakhstan is set to reduce oil exports to Germany via the Druzhba pipeline in Juny by 19% m/m according to Reuters reports from pipeline operator KazTransOil..
• An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days widened to 32%.
• The number of supertankers headed for China dropped to the lowest in almost two years.
• Dirty-to-clean switches have entered a new dimension, occurring on bigger tankers, Vortexa said.