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Oil Mid-Day Summary: Crude Softens

OIL
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Crude markets have softened at the start of this week as easing geopolitical tensions remain in focus. This is coupled with weaker global oil demand outlooks with the US Fed meeting scheduled for Wednesday and April payrolls on Friday.

  • Brent JUN 24 down 0.5% at 89.06$/bbl
  • WTI JUN 24 down 0.2% at 83.71$/bbl
  • Increased pressure on Israel from the US for a truce in Gaza and hostage deal has seen oil prices fall during the overnight session as the geopolitical risk premium unwinds.
  • US secretary of state Blinken has arrived in Saudi Arabia for Gaza ceasefire talks. The US has said that Israel will delay a Rafah offensive until it has met with Blinken.
  • Saudi Aramco may raise the Arab Light OSP to Asia by $0.70-$0.90/bbl in June to a five-month high according to a Reuters survey of seven refining sources.
  • Global floating crude oil, stationary for at least 7 days fell to 62.83m bbl as of April 26, down 17% w/w according to Vortexa.
  • Iraq’s 3.3mn b/d oil export cap "may continue to the end of 2024 to [help] compensate overproduction, or it may change,
  • FGE has cut the forecast for crude processing rates in Asia by about 200kb/d in May and June according to a note from April 26.
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Crude markets have softened at the start of this week as easing geopolitical tensions remain in focus. This is coupled with weaker global oil demand outlooks with the US Fed meeting scheduled for Wednesday and April payrolls on Friday.

  • Brent JUN 24 down 0.5% at 89.06$/bbl
  • WTI JUN 24 down 0.2% at 83.71$/bbl
  • Increased pressure on Israel from the US for a truce in Gaza and hostage deal has seen oil prices fall during the overnight session as the geopolitical risk premium unwinds.
  • US secretary of state Blinken has arrived in Saudi Arabia for Gaza ceasefire talks. The US has said that Israel will delay a Rafah offensive until it has met with Blinken.
  • Saudi Aramco may raise the Arab Light OSP to Asia by $0.70-$0.90/bbl in June to a five-month high according to a Reuters survey of seven refining sources.
  • Global floating crude oil, stationary for at least 7 days fell to 62.83m bbl as of April 26, down 17% w/w according to Vortexa.
  • Iraq’s 3.3mn b/d oil export cap "may continue to the end of 2024 to [help] compensate overproduction, or it may change,
  • FGE has cut the forecast for crude processing rates in Asia by about 200kb/d in May and June according to a note from April 26.