Oil End of Day Summary: Oil Trading Higher

Crude is set to close higher after struggling for clear direction during the day. Yesterday’s EIA stock draw has been supportive, while a gradual reopening of operation on the USGC will assuage concerns for longer-term disruption.

• WTI AUG 24 up 0.8% at 82.72$/bbl
• Iran's acting Foreign Minister Ali Bagheri Kani has claimed that indirect talks between Iran and the US, hosted by Oman, are ongoing.
• CPI fell 0.1% m/m in June after unchanged m/m in May, according to the BLS. This is likely to be bolster hopes of near-term US rate cuts.
• Global oil demand growth slowed to the weakest in more than a year in the latest IEA report with more ailing outlooks for China.
• The Port of Houston fully reopened to all vessel traffic July 11, Moran shipping said.
• Shell is working on restoring operations at its Perdido and Whale assets in the Gulf of Mexico following hurricane Beryl.
• A ring of wildfires has erupted around Canada’s oil-sands hub Fort McMurray, adding new threats to crude production, Bloomberg said.
• India’s ONGC is looking for a waiver from the U.S. to continue importing crude form Venezuela according to Reuters sources.
• Nigeria’s oil regulator has formed a deal that will give domestic refiners access to domestic crude at market prices following a long dispute resulting in fuel shortages according to Reuters.
• Crude inventories are still expected to decline by 2mn bpd as we go into the third quarter supporting a backwardated market according to Carlyle’s Jeff Currie this week.
• Oil prices are stuck in a range with OPEC+ supply curbs creating a floor while the US is keeping production high and threatening SPR releases to cap the upside according to Amrita Sen, head of research at Energy Aspects.