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Oil Mid-Day Summary: Crude Ticks Up with Ceasefire in Focus

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Crude markets are ticking back up today as the market weighs up the prospects for a ceasefire in the Middle East. While sources told Bloomberg that a deal was close, there have been numerous false dawns during the most recent conflict in Gaza.

  • Brent JUN 24 up 0.4% at 88.78$/bbl
  • WTI JUN 24 up 0.5% at 83.06$/bbl
  • Mixed signals continue to emerge with regards the two major questions surrounding the Israel-Hamas conflict at present: the likelihood of an Israel-Hamas deal on hostages being reached, and the prospect of Israel launching a ground assault into the southern Gazan city of Rafah.
  • Mexico’s Pemex has cut its crude exports to the lowest level on record as the government looks to redirect crude to its domestic refineries, according to Bloomberg.
  • Venezuela’s President Nicolas Maduro said the oil industry recovery and growth is guaranteed despite the reinstatement of US sanctions.
  • Nigeria has reduced its OSP for Bonny Light crude to Dated +$2.34/bbl - the lowest since February and lowered from +$3.28/bbl in April.
  • Brent crude futures are forecast at $84/bbl by the end of the year, according to Goldman Sachs, assuming no further Middle East or Russia supply disruption due to conflicts.
  • Saudi Arabia’s CEO Amin Nasser said April 29 that nations in the Global South will continue to fuel oil demand growth, according to Platts.
  • Asian imports of heavy crude fell to a 5-month low in April, underpinned by a shift towards lighter crude supply according to Vortexa.
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Crude markets are ticking back up today as the market weighs up the prospects for a ceasefire in the Middle East. While sources told Bloomberg that a deal was close, there have been numerous false dawns during the most recent conflict in Gaza.

  • Brent JUN 24 up 0.4% at 88.78$/bbl
  • WTI JUN 24 up 0.5% at 83.06$/bbl
  • Mixed signals continue to emerge with regards the two major questions surrounding the Israel-Hamas conflict at present: the likelihood of an Israel-Hamas deal on hostages being reached, and the prospect of Israel launching a ground assault into the southern Gazan city of Rafah.
  • Mexico’s Pemex has cut its crude exports to the lowest level on record as the government looks to redirect crude to its domestic refineries, according to Bloomberg.
  • Venezuela’s President Nicolas Maduro said the oil industry recovery and growth is guaranteed despite the reinstatement of US sanctions.
  • Nigeria has reduced its OSP for Bonny Light crude to Dated +$2.34/bbl - the lowest since February and lowered from +$3.28/bbl in April.
  • Brent crude futures are forecast at $84/bbl by the end of the year, according to Goldman Sachs, assuming no further Middle East or Russia supply disruption due to conflicts.
  • Saudi Arabia’s CEO Amin Nasser said April 29 that nations in the Global South will continue to fuel oil demand growth, according to Platts.
  • Asian imports of heavy crude fell to a 5-month low in April, underpinned by a shift towards lighter crude supply according to Vortexa.