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

OIL
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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.
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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.