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Oil Market Highlights

OIL

Crude and oil product markets regained strength in the afternoon to new 3-month highs after solid US Q2 GDP data.

  • Brent SEP 23 up 1.45% at 84.12$/bbl
  • WTI SEP 23 up 1.75% at 80.16$/bbl
  • ICE Brent open interest increases towards the high in June as ICE Global commodity and energy markets reached an open interest record on 25 July of 55.4m.
  • The Brent second month implied volatility has fallen to the lowest since September 2021 after a steady decline in the last couple of months. Crude price swings have eased as futures have seen a steady rally during July due to OPEC supply cuts and potential China stimulus measures while US and China demand growth concerns continue to weigh.
  • Oil may rise in H2 with a decline in crude in storage over the next few months according to International Energy Forum.
  • The EIA data yesterday showed the oil supply adjustment factor (unaccounted oil) at a record of 2.415mb/d in data back to 2002.
  • Norway's Equinor is looking at a Johan Sverdrup Phase 3 project to keep production at the giant field at current high levels of around 755,000 b/d, the company confirmed July 26.
  • July crude throughputs keep rising amid good demand and end of maintenance according to S&P Global. The average utilization rate at state-owned refiners Sinopec, PetroChina, CNOOC and Sinochem rose for the second month to reach a 23-month high of 83.7% in July compared to 79.2% in May.
    • Energy BulletsCommodities
    Energy BulletsCommodities

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