Oil End of Day Summary: Crude Weakens

WTI is ending the day trading lower as the market focuses in on demand outlooks and the effects of a possible delay in US Fed rate cuts.

• WTI JUN 24 down 0.6% at 79.34$/bbl
• The US Fed is still looking for more evidence of slowing inflation before easing rates.
• The crude tanker, Dubai Angel, arrived at the Westridge Marine Terminal in Vancouver on Monday, preparing to load the first cargo from the expanded TMX pipeline: LSEG.
• The Greek Navy has resumed drills in the Laconian Gulf again until June 3, pushing away Russian oil transfers that had just returned.
• Black Sea CPC Blend crude exports via the CPC pipeline are set to rise to 5.3mn metric tons in June – up from 4.9mn in May according to Reuters sources.
• Kazakhstan’s KazMunayGas has extended its contract to supply oil to Germany’s Schwedt refinery until the end-2024: Interfax.
• Russian ESPO Blend has pivoted away from Chinese independent refiners towards Indian refiners in recent months according to Vortexa.
• Two Aframax tankers carrying 700k bbl each of North Sea Forties crude have been floating off Hound Point, Scotland for nearly two weeks.
• Nigeria is scheduled to increase exports of Agbami, Egina, and Usan crude grades for July compared to June.
• Brent is to remain rangebound and expected to average $84/bbl for the rest of the year, with WTI at $79.50/bbl: RBC.
• OPEC+ will have difficulty unwinding production cuts next year as demand growth slows, analysts Gary Ross and Ed Morse said.
• OPEC member voluntary production cuts are not expected to return to the market in 2024: FGE.