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Oil Summary at European Close: Crude Eases Back

OIL
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Crude prices are down marginally on the day, reversing an earlier rally during the European afternoon. Traders are searching for direction ahead of OPEC’s key production meeting in June.

  • Brent JUL 24 down 0.2% at 83.78$/bbl
  • WTI JUN 24 down 0.1% at 79.95$/bbl
  • Oil demand in JODI-reporting countries rose by 1.3mb/d in March driven by gasoline demand, but was down 285kb/d year on-year: JODI
  • Residents evacuated by wildfires surrounding parts of Canada’s Fort McMurray last week were allowed to return home on Saturday.
  • No progress has been made with international companies to resume exports from the Kurdistan region of Iraq according to Prime Minister Mohammed Shia Al-Sudani.
  • Crude oil floating storage held on tankers for at least 7 days rose to 69.27mn bbls as of May 17 according to Vortexa – 15% higher than the week prior.
  • China's crude stockpiles increased in April as slower refinery processing outweighed a decline in imports, according to Reuters calculations based on official data.
  • China imported crude oil from Venezuela for the third straight month according to official customs data while imports from Russia fell back after a surged to a near record high in March.
  • Russian tankers have moved back to oil transfers in the Laconian Gulf off Greece now that Greek naval drills have come to an end.
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Crude prices are down marginally on the day, reversing an earlier rally during the European afternoon. Traders are searching for direction ahead of OPEC’s key production meeting in June.

  • Brent JUL 24 down 0.2% at 83.78$/bbl
  • WTI JUN 24 down 0.1% at 79.95$/bbl
  • Oil demand in JODI-reporting countries rose by 1.3mb/d in March driven by gasoline demand, but was down 285kb/d year on-year: JODI
  • Residents evacuated by wildfires surrounding parts of Canada’s Fort McMurray last week were allowed to return home on Saturday.
  • No progress has been made with international companies to resume exports from the Kurdistan region of Iraq according to Prime Minister Mohammed Shia Al-Sudani.
  • Crude oil floating storage held on tankers for at least 7 days rose to 69.27mn bbls as of May 17 according to Vortexa – 15% higher than the week prior.
  • China's crude stockpiles increased in April as slower refinery processing outweighed a decline in imports, according to Reuters calculations based on official data.
  • China imported crude oil from Venezuela for the third straight month according to official customs data while imports from Russia fell back after a surged to a near record high in March.
  • Russian tankers have moved back to oil transfers in the Laconian Gulf off Greece now that Greek naval drills have come to an end.