OIL: Mid-Day Oil & Products Summary: Crude Holds Steady

The front month Brent is holding between $81.76/bbl and $83.34/bbl since June 11 with tighter supply expectations in Q3 set against demand concerns.

• Brent AUG 24 up 0.3% at 82.98$/bbl
• WTI JUL 24 up 0.1% at 78.72$/bbl
• Nigeria has cleared some of the overhang in its June crude-loading plan as refining activity picks up in Europe for summer according to Reuters.
• QatarEnergy has cut the August term price for al-Shaheen crude to a premium of $1.21/bbl above Dubai quotes down from a premium of $1.82/bbl in July.
• China’s independent refiners in Shandong cut run rate to the lowest since April 2022 to 51.88% in the week to June 14, according to OilChem.
• A total of 627mbbls of open July 24 options positions are due to expire today with key open exposure on the $75/bbl puts. 
• US gasoline crack up 0.4$/bbl at 23.67$/bbl
• US ULSD crack up 0.7$/bbl at 27.12$/bbl
• Oil processing in China is expected to be flat or fall in 2024 according to a Bloomberg survey of six analysts and industry consultants adding uncertainty to global demand growth.
• Russia’s seaborne oil product exports rose to 9.595m tons in May, up 10.4% m/m following refineries coming back from maintenance and a fuel export ban being lifted according to Reuters.
• Planned works at BP’s 435kb/d Whiting refinery on a crude unit and coker have been brought forward from September to July, according to Bloomberg sources.