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Oil End of Day Summary: Stock Draw Drives Crude Rebound

OIL

WTI jumped following an unexpected draw in US crude stocks last week. This offsets the earlier weakness after the Texas energy industry came away fairly unscathed from Hurricane Beryl.

  • WTI AUG 24 up 0.8% at 82.1$/bbl
  • Wires carrying comments from Hezbollah leader Hassan Nasrallah. Says that Hamas 'negotiates on behalf of the entire axis of resistance', and that 'we accept what it accepts'.
  • EIA, week ending 7/5: Crude oil: -3.4M, Domestic prod: 13.3MMbpd, Cushing: -0.7M
  • A wildfire south of Fort McMurray is within 17km og Athabasca’s Hangingstone oil sands site, Bloomberg said.
  • OPEC keeps its 2024 global oil-demand growth forecast at 2.2mn bpd as well as its 2025 global oil-demand growth forecast at 1.8mn bpd.
  • Iraq, Kazakhstan and Russia continue to produce oil above their quotas as part of OPEC+ according to the group’s latest monthly report.
  • The EIA monthly report on Tuesday forecast global oil demand will outpace supply next year, reversing a prior call for a surplus.
  • API figures showed crude stockpiles shrank by 1.92 mn bbls last week.
  • ARA crude storage rose 2.6% or 1.4mn bbls in the week ended July 5 to 55.6mn bbls according to Genscape.
  • BP’s latest scenarios for oil and gas demand to 2050 show that, regardless of the speed of the energy transition, consumption will be higher at the mid-century stage than previously thought, Argus said.
  • MNI COMMODITY WEEKLY: China Refining Undermining Bullish 2024 Global Demand Forecasts: Full piece here:
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WTI jumped following an unexpected draw in US crude stocks last week. This offsets the earlier weakness after the Texas energy industry came away fairly unscathed from Hurricane Beryl.

  • WTI AUG 24 up 0.8% at 82.1$/bbl
  • Wires carrying comments from Hezbollah leader Hassan Nasrallah. Says that Hamas 'negotiates on behalf of the entire axis of resistance', and that 'we accept what it accepts'.
  • EIA, week ending 7/5: Crude oil: -3.4M, Domestic prod: 13.3MMbpd, Cushing: -0.7M
  • A wildfire south of Fort McMurray is within 17km og Athabasca’s Hangingstone oil sands site, Bloomberg said.
  • OPEC keeps its 2024 global oil-demand growth forecast at 2.2mn bpd as well as its 2025 global oil-demand growth forecast at 1.8mn bpd.
  • Iraq, Kazakhstan and Russia continue to produce oil above their quotas as part of OPEC+ according to the group’s latest monthly report.
  • The EIA monthly report on Tuesday forecast global oil demand will outpace supply next year, reversing a prior call for a surplus.
  • API figures showed crude stockpiles shrank by 1.92 mn bbls last week.
  • ARA crude storage rose 2.6% or 1.4mn bbls in the week ended July 5 to 55.6mn bbls according to Genscape.
  • BP’s latest scenarios for oil and gas demand to 2050 show that, regardless of the speed of the energy transition, consumption will be higher at the mid-century stage than previously thought, Argus said.
  • MNI COMMODITY WEEKLY: China Refining Undermining Bullish 2024 Global Demand Forecasts: Full piece here: