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Oil End of Day Summary: Crude Softens

OIL

Crude markets softened further during US hours, amid ongoing Gaza ceasefire discussions and comments from Iran’s Revolutionary Guard.

  • WTI MAY 24 down 1.4% at 85.2$/bbl
  • Iran’s Islamic Revolutionary Guard Corps naval forces said that Iran is choosing not to disrupt flows through the Strait of Hormuz in the Persian Gulf.
  • World oil demand growth for 2024 has been revised down by 480k b/d to 0.95m b/d: EIA’s Short-Term Energy Outlook.
  • OPEC+ output rose to 41.25 mil b/d in March, with compliance slipping further, according to a Platts survey.
  • OPEC+ crude output was again over its target in March with Iraq and Kazakhstan exceeding pledges according to an Argus survey.
  • US crude oil inventories likely rose by 0.8m bbl in the week to April 5: survey by the WSJ.
  • Prices for heavier crude grades along the US Gulf have climbed in recent weeks – trading at near parity with lighter grades.
  • Mexico’s Pemex is planning to cut crude exports to customers in the US, Europe and Asia by at least 330kbpd in May, sources told Reuters.
  • Spot crude prices could hit $100/b in 2024: Vitol CEO
  • Growth in US oil production is unlikely until the second half of the year: Amrita Sen at Energy Aspects.
  • Morgan Stanley has lifted its crude price forecast for this year on the back of geopolitical risks.
  • The latest rally in global crude prices is due to improved demand figures: Gunvor
  • Russia’s seaborne crude exports fell in the first week of April: Bloomberg.
  • Caspian Pipeline Consortium halted oil loading on April 9 amid maintenance
  • Iraq is not expecting to export crude oil via the Kirkuk-Ceyhan pipeline anytime soon.
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