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Oil Markets Remain Focused on OPEC+ Policy

OIL
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Oil markets are steady Monday ahead of the upcoming OPEC+ meeting on Sunday, while the US summer driving season kicks off this Memorial Day Weekend.

  • Brent JUL 24 up 0.3% at 82.4$/bbl
  • WTI JUL 24 up 0.4% at 78.06$/bbl
  • Gasoil JUN 24 up 0.9% at 745.5$/mt
  • WTI-Brent down -0.01$/bbl at -4.35$/bbl
  • Public holidays in the U.S. and UK on Monday are expected to keep trading relatively thin.
  • OPEC+ is largely expected to rollover existing cuts at its latest meet in a range of industry surveys and analysis.
  • The meeting will be held online which some analysts have said makes it more likely to be a rollover formality. It was also pushed back by one day but no reason was given.
  • Brent ended last week about 2% lower and WTI lost nearly 3% after Fed minutes showed some officials would be willing to tighten interest rates further if necessary.
  • Eyes are on U.S. Producer Price Index (PPI) data scheduled this week to gain the next idea on the Fed direction.
  • Record levels of travel are expected this Memorial Day weekend, but shorter journeys, more efficient cars, electric vehicles and higher ethanol blends will likely hit overall gasoline demand.
  • TSA screened nearly 3 million passengers at US airports on Friday, the busiest day on record.
  • US gasoline crack up 0$/bbl at 26.3$/bbl
  • US ULSD crack up 0.3$/bbl at 24.68$/bbl
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Oil markets are steady Monday ahead of the upcoming OPEC+ meeting on Sunday, while the US summer driving season kicks off this Memorial Day Weekend.

  • Brent JUL 24 up 0.3% at 82.4$/bbl
  • WTI JUL 24 up 0.4% at 78.06$/bbl
  • Gasoil JUN 24 up 0.9% at 745.5$/mt
  • WTI-Brent down -0.01$/bbl at -4.35$/bbl
  • Public holidays in the U.S. and UK on Monday are expected to keep trading relatively thin.
  • OPEC+ is largely expected to rollover existing cuts at its latest meet in a range of industry surveys and analysis.
  • The meeting will be held online which some analysts have said makes it more likely to be a rollover formality. It was also pushed back by one day but no reason was given.
  • Brent ended last week about 2% lower and WTI lost nearly 3% after Fed minutes showed some officials would be willing to tighten interest rates further if necessary.
  • Eyes are on U.S. Producer Price Index (PPI) data scheduled this week to gain the next idea on the Fed direction.
  • Record levels of travel are expected this Memorial Day weekend, but shorter journeys, more efficient cars, electric vehicles and higher ethanol blends will likely hit overall gasoline demand.
  • TSA screened nearly 3 million passengers at US airports on Friday, the busiest day on record.
  • US gasoline crack up 0$/bbl at 26.3$/bbl
  • US ULSD crack up 0.3$/bbl at 24.68$/bbl