Oil End of Day Summary: Crude Set for Weekly Rise

Crude has found some support on the day following downward revisions in US payroll data and a weaker US dollar. Brent is up around 1.55% on the week.

• Brent SEP 24 up 0.4% at 87.74$/bbl
• WTI AUG 24 up 0.5% at 84.31$/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 Payrolls, Rig Counts & ICE COT: US nonfarm payrolls are due for release at 08:30 ET.
• Saudi Arabia’s price cut for its flagship Arab Light crude sold to Asian customers was less significant than expected, DNB markets said
• 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.
• 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.
• Three firms in India are holding talks as a consortium with Brazil’s Petroleo Brasileiro to secure long term guaranteed crude oil supplies according to Mint cited by Bloomberg.
• Dirty-to-clean switches have entered a new dimension, occurring on bigger tankers, Vortexa said.