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Oil End of Day Summary: Crude Set for Weekly Fall

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WTI has rebounded today but remains down around 2.7% on the weak. Expectations of an OPEC+ output cut extension are weighing against potential Fed rate cut delays and sluggish demand.

  • WTI JUL 24 up 1.3% at 77.89$/bbl
  • US total rig count was stable on the week at 497, according to Baker Hughes.
  • OPEC+ will hold their June 2 meeting online rather than in person – a day later than originally planned.
  • The first cargo from the recently expanded TMX pipeline, Canada, loaded on the Dubai Angel this week.
  • Venezuela’s oil output has reached 942k b/d in May, according to its oil minister and head of PDVSA Petro Tellechea, cited by Bloomberg.
  • Mexico’s Pemex produced 1.47mn bpd of crude in April, the lowest in over 40 years according to regulator data this week.
  • Colombia is aiming to produce 1m b/d of oil by increasing drilling activity in underutilised exploratory blocks, the government’s energy authority said, cited by Bloomberg.
  • Without new discoveries, the Colombia’s oil reserves would run out in just 7.1 years as of end year 2023. In 2022 that number was 7.5 years, according to ANH.
  • China’s onshore crude inventories increased by 33mb over four consecutive weeks ending May 19, reaching 942mn bbls according to Vortexa.
  • Urals crude loading from Russia’s two Baltic ports are set to fall to 6.4m mt, or 1.51m b/d in May, according to Bloomberg.
  • Pipeline operators in Poland have found a solution with Russia to keep Kazakh flows to Germany operational on the Druzhba pipeline Reuters sources said.
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WTI has rebounded today but remains down around 2.7% on the weak. Expectations of an OPEC+ output cut extension are weighing against potential Fed rate cut delays and sluggish demand.

  • WTI JUL 24 up 1.3% at 77.89$/bbl
  • US total rig count was stable on the week at 497, according to Baker Hughes.
  • OPEC+ will hold their June 2 meeting online rather than in person – a day later than originally planned.
  • The first cargo from the recently expanded TMX pipeline, Canada, loaded on the Dubai Angel this week.
  • Venezuela’s oil output has reached 942k b/d in May, according to its oil minister and head of PDVSA Petro Tellechea, cited by Bloomberg.
  • Mexico’s Pemex produced 1.47mn bpd of crude in April, the lowest in over 40 years according to regulator data this week.
  • Colombia is aiming to produce 1m b/d of oil by increasing drilling activity in underutilised exploratory blocks, the government’s energy authority said, cited by Bloomberg.
  • Without new discoveries, the Colombia’s oil reserves would run out in just 7.1 years as of end year 2023. In 2022 that number was 7.5 years, according to ANH.
  • China’s onshore crude inventories increased by 33mb over four consecutive weeks ending May 19, reaching 942mn bbls according to Vortexa.
  • Urals crude loading from Russia’s two Baltic ports are set to fall to 6.4m mt, or 1.51m b/d in May, according to Bloomberg.
  • Pipeline operators in Poland have found a solution with Russia to keep Kazakh flows to Germany operational on the Druzhba pipeline Reuters sources said.