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Oil End of Day Summary: WTI Lowest Since Feb

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WTI is headed for its lowest close since late February. US macro data has boosted the USD strength, raising concerns of ‘higher-for-longer’ interest rates and thus a weaker oil demand outlook.

  • WTI JUL 24 down 1.3% at 76.6$/bbl
  • USD Index up 0.13% at 1252.39
  • The US S&P Global May manufacturing PMI was at 50.9 compared to 50 in the prior month.
  • The US government has received up to 50 private license requests from companies looking to operate in Venezuela’s oil and gas sector, Francisco Palmieri, US chief of mission of the Venezuelan Affairs Unit said, cited by Bloomberg.
  • The US awarded a license for Spain’s Repsol to continue operating in Venezuela beyond May 31, according to Bloomberg.
  • US forecasters predict 17-25 named storms during the six-month Atlantic Hurricane season starting June. 1, according to the NOAA, cited by Bloomberg.
  • Russian oil production was over its quota in April due to "technical reasons" and the country will soon present to the group its plans to compensate according to the Russian Energy Ministry on Wednesday.
  • Russia’s oil exports from western ports are expected little changed between May and June based on trading schedules according to Reuters sources.
  • Mexican crude exports have bounced back in May after a number of issues at Pemex refineries.
  • Independent refiners in China are on track for the lowest volume of Russian ESPO crude since May 2021, according to Bloomberg based on Kpler data.
  • Crude storage capacity utilisation rates among Shandong Independent refineries are stable on the week at 43.8%, according to OilChem.
  • The UKMTO has received a report of an incident 98nm south of Yemen. The incident took place at 04:53 UTC on May 23.
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WTI is headed for its lowest close since late February. US macro data has boosted the USD strength, raising concerns of ‘higher-for-longer’ interest rates and thus a weaker oil demand outlook.

  • WTI JUL 24 down 1.3% at 76.6$/bbl
  • USD Index up 0.13% at 1252.39
  • The US S&P Global May manufacturing PMI was at 50.9 compared to 50 in the prior month.
  • The US government has received up to 50 private license requests from companies looking to operate in Venezuela’s oil and gas sector, Francisco Palmieri, US chief of mission of the Venezuelan Affairs Unit said, cited by Bloomberg.
  • The US awarded a license for Spain’s Repsol to continue operating in Venezuela beyond May 31, according to Bloomberg.
  • US forecasters predict 17-25 named storms during the six-month Atlantic Hurricane season starting June. 1, according to the NOAA, cited by Bloomberg.
  • Russian oil production was over its quota in April due to "technical reasons" and the country will soon present to the group its plans to compensate according to the Russian Energy Ministry on Wednesday.
  • Russia’s oil exports from western ports are expected little changed between May and June based on trading schedules according to Reuters sources.
  • Mexican crude exports have bounced back in May after a number of issues at Pemex refineries.
  • Independent refiners in China are on track for the lowest volume of Russian ESPO crude since May 2021, according to Bloomberg based on Kpler data.
  • Crude storage capacity utilisation rates among Shandong Independent refineries are stable on the week at 43.8%, according to OilChem.
  • The UKMTO has received a report of an incident 98nm south of Yemen. The incident took place at 04:53 UTC on May 23.