Oil Summary at European Close: Crude Climbs

Crude futures have pared some of the earlier gains despite an expected draw in US crude stocks shown in the latest EIA weekly petroleum inventory data. Crude stocks drew in line with expectation with a correction of the large swings in imports and exports seen last week.

• Brent AUG 24 up 0.4% at 85.39$/bbl
• WTI JUL 24 up 0.4% at 81.91$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Jun 14: Crude stocks -2,547 vs Exp -1,984, Crude production 0, SPR stocks +386
• ICE Gasoil open interest has risen again this week to the highest since October 2021 up to 0.939m lots compared to around 0.67m at the start of the year.
• China imports of crude oil from Russia fell again last month while shipments from Saudi Arabia rose to the highest since August and Venezuela shipments continued for the fourth straight month according to official customs data.
• The CPC Blend discount to Dated Brent has narrowed sharply over recent days, according to Bloomberg citing traders.
• Sales of Angola’s crude cargoes remain healthy, with most of July’s cargoes now cleared, according to Bloomberg.
• In Nigeria, around 20-25 of the 49 available cargoes for July remain available, a faster selling pace than during the previous two months
• India’s crude oil imports in May increased by 5.7% year on year to a high of 21.8m tons, according to provisional data from the oil ministry’s Petroleum Planning & Analysis Cell.
• The international chamber of shipping (ICS) has called for urgent action to stop “unlawful attacks” on commercial shipping in the Red Sea by the Houthis, according to Argus.