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Oil Mid-day Summary: Crude Holds Steady Ahead of CPI, EIA Data

OIL

Crude prices are holding steady today as a lower US Dollar and tighter supplies amid signs of lower Russian exports and the potential for further China policy support are weighed against economic demand concerns ahead of the upcoming CPI data.

  • Brent SEP 23 up 0% at 79.41$/bbl
  • WTI AUG 23 up 0.1% at 74.93$/bbl
  • Brent prices eased back from an intra-day high of $79.79/bbl.
  • The EIA weekly oil report will be released today at 15:30BST. US CPI data are due to be released today at 13:30BST.
  • API weekly stock data showed a build in crude and oil products. ARA crude inventories fell 1.9mn bbl in the week ending 7 July to 57.2mn barrels, Genscape data showed.
  • Russian Urals crude prices rose to $59.98/bbl at the Black Sea port of Novorossiysk, just below the $60/bbl G7 price cap.
  • The EIA STEO report suggested crude prices to rise to $81/bbl by end year. Global liquid fuels demand is forecast to rise by 1.8mbpd in 2023, and by 1.6mbpd in 2024.
  • Diesel and gasoline crack spreads are holding steady ahead of updated EIA weekly US data.
  • Chinese diesel exports in July so far have surged on low seasonal domestic demand and good margins.
  • average.
  • US ULSD crack up 0.2$/bbl at 33.67$/bbl
  • US gasoline crack up 0.1$/bbl at 35.34$/bbl
  • The latest MNI Commodity Analysis on China: https://enews.marketnews.com/ct/x/pjJscFTelLoI6ahjKksjHw~k1zZ8KXr-kA8x6iTDJXyptIPjO1OcQ

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