Oil End of Day Summary: Crude Slides

WTI has lost ground today, falling to its lowest level since June 10. Crude is extending the recent bearish trend amid weak Chinese demand and OPEC’s planned supply boost from Q4.

• WTI SEP 24 down 1.7% at 75.84$/bbl
• The US added 2.4m bbl of sour crude to the SPR during the first four week of July, according to OPIS.
• Key pipelines transporting oil from the Permian basin to the Port of Corpus Cristi are over 90% full, with congestion expected to worsen, Bloomberg said.
• Asia’s TMX crude loadings have slowed slightly into July according to Vortexa.
• Out-of-control wildfires larger than 10 hectares in size are within 10km of 376k b/d of oil production, Bloomberg said.
• After Venezuela’s President Nicolás Maduro was declared the winner of Sunday’s presidential election, The US will determine whether to install future sanctions on the Bolivarian Republic based on whether Maduro’s government released voting data.
• Pemex increased it oil processing at its refineries in June as facilities in Mexico operate above 50% capacity for the seventh successive month, Bloomberg data showed.
• North Sea Johan Sverdrup crude loadings are scheduled at a five-month high of 753kb/d in September.
• Iraq exported 3.41mb/d of crude oil in June from fields under the central government’s control, the oil ministry said.
• The Caspian Pipeline Consortium has announced maintenance plans for its third mooring, starting on July 28.
• WTI Midland has replaced WAF crude as the swing supplier between the Atlantic Basin and Asia, according to Renaissance Energy Advisors.
• Middle East escalations have failed to create much upward momentum for oil markets because of lacking supply impacts, RBC’s Helima Croft said.
• Brent prices could see a technical breakout to the downside from a triangle pattern in Aug-Oct 2024, according to Bank of America.