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Oil Mid-Day Summary: Crude Edges Higher

OIL

Oil is edging higher on Thursday amid tighter supply from Saudi Arabia and Russia but Brent remains below $80/bbl after yesterday’s sell-off amid EIA data showing a lower-than-expected drop in US crude inventories.

  • Brent crude prices have broken to a higher range though July after getting stuck in a $72-78/bbl range through May and June supported by Saudi cuts and signs of dropping Russian flows.
  • Brent SEP 23 up 0.3% at 79.67$/bbl
  • WTI SEP 23 up 0.32% at 75.52$/bbl
  • EIA crude stocks declined by 708,000 barrels last week as of 14 July, well below expectations of 2.369mn barrels. Cushing inventories declined by most since Oct 21.
  • China imported record levels of crude oil from Russia in June at 10.5mn tons, or 2.56mbpd. Malaysian crude imports in June also reached a record of 1.511mbpd.
  • Iraq’s crude production rose by 70kbpd MoM to 4.47mbpd in June.
  • The US is on track to take in higher imports of crude from Mexico in July as demand for sour crude replacement ticks higher.
  • China’s fuel oil imports reached the highest level in 2023 in June.
  • US cracks responded positively to the overall high demand figures in the EIA report yesterday. Cracks have eased back today.
  • US gasoline crack down 0$/bbl at 39.03$/bbl
  • US ULSD crack down -0.1$/bbl at 35.41$/bbl
  • MNI Commodity Weekly: https://roar-assets-auto.rbl.ms/files/54777/MNI%20Commodity%20Weekly%20-%20Freeing%20Up%20Iranian%20Fleet%20Supportive%20of%20Russian%20Trade.pdf
Energy BulletsCommodities
Energy BulletsCommodities

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