OIL: Oil Summary at European Close: Crude Holding Positive on the Day

Crude futures hold earlier gains amid a rise in Saudi OSPs, increased geopolitical risk premium and drop in Tengiz oil output.  Oil product crack spreads regain some losses from last week with gasoline demand edging higher last week.

• Brent JUL 24 up 0.5% at 83.39$/bbl
• WTI JUN 24 up 0.6% at 78.55$/bbl
• US gasoline crack up 0.6$/bbl at 29.73$/bbl
• US ULSD crack up 0.1$/bbl at 24.71$/bbl
• Saudi Aramco raised the official selling prices for crude to Asia, NW Europe and the Mediterranean in June, signalling expectations of strong demand this summer and amid a tightening of supplies this quarter.
• Oil production at Kazakhstan's Tengiz oil fell by 25% from April's average in May 1-5 to 474kbpd, according to a Reuters source, amid possible maintenance.
• Rosneft's Tuapse oil refinery has resumed oil processing, according to Reuters sources, after damage by fire in January following a Ukrainian drone strike.
• Russia is planning to reduce diesel exports from its Baltic and Black Sea ports to the lowest since at least 2021 to 1.78m tons, or 427kbpd, in May, down from 625kbpd in April, Kpler data showed, cited by Bloomberg.
• U.S. retail gasoline demand rose by 0.1% in the week ending May 4 according to GasBuddy. U.S. gasoline demand was modelled at 8.719mb/d.
• Kazakhstan’s Condensat refinery has been allowed to export 225k metric tons of gasoline this year produced from Russia's Tatneft naphtha supplies, according to documents seen by Reuters, bypassing Russia export restrictions and sanctions.