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Oil Mid-Day Summary: Crude Retreats on Economic Data

OIL

Crude prices have retreated on Monday on demand concerns especially from China and the US, after rising nearly 5% last week.

  • Brent SEP 23 down -0.7% at 77.93$/bbl
  • WTI AUG 23 down -0.8% at 73.28$/bbl
  • The US DOE on Friday announced it plans to buy 6mn barrels of crude oil for the SPR for October and November.
  • Kazakhstan’s crude production has still not fully recovered and was at 225,900t on Sunday.
  • Pemex has recovered most of its crude oil output affected by an explosion on Friday.
  • Russian refinery processing rates in early July revered to the highest level since early April to 5.65mbpd.
  • On Friday, Germany’s Bayernoil in southern Germany announced to halt wholesale deliveries of heating oil through the end of July. OMV has also halted deliveries of diesel and heating oil from its refinery in south Germany.
  • Gasoil JUL 23 up 0.3% at 746$/mt
  • Gasoil JUL 23-AUG 23 unchanged at 11.25$/mt
US gasoline crack down -0.3$/bbl at 34.74$/bbl

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