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Oil Summary at European Close: Crude Falls

OIL
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Crude markets have eased back today but now sit firmly in the middle of the May range. Brent front month has traded between the low to mid-80’s this month ahead of the OPEC+ meet June 2.

  • Brent JUL 24 down 0.9% at 82.85$/bbl
  • WTI JUL 24 down 0.7% at 78.64$/bbl
  • Markets are looking ahead to the OPEC+ meeting June 2 where the group are widely expected to rollover current cuts into the second half of the year.
  • EIA Weekly US Petroleum Summary - w/w change week ending May 24 - Crude stocks -4,156 vs Exp -902, Crude production 0, SPR stocks +485, Cushing stocks -1,766
  • Saudi Aramco may cut prices for its crude sold to Asia in July for the first time in five months, according to a Bloomberg survey.
  • The Russia Black Sea port was warned of a potential attack resulting in an air raid siren sounding early on Thursday but nothing developed.
  • With more crude directed towards Asia and some cargoes on floating storage, WTI and North Sea crude on the water is rising markedly according to Vortexa.
  • Asia’s imports of crude oil rose to the highest level in 12 months in May, driven by strength in India’s buying appetite, Reuters said.
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Crude markets have eased back today but now sit firmly in the middle of the May range. Brent front month has traded between the low to mid-80’s this month ahead of the OPEC+ meet June 2.

  • Brent JUL 24 down 0.9% at 82.85$/bbl
  • WTI JUL 24 down 0.7% at 78.64$/bbl
  • Markets are looking ahead to the OPEC+ meeting June 2 where the group are widely expected to rollover current cuts into the second half of the year.
  • EIA Weekly US Petroleum Summary - w/w change week ending May 24 - Crude stocks -4,156 vs Exp -902, Crude production 0, SPR stocks +485, Cushing stocks -1,766
  • Saudi Aramco may cut prices for its crude sold to Asia in July for the first time in five months, according to a Bloomberg survey.
  • The Russia Black Sea port was warned of a potential attack resulting in an air raid siren sounding early on Thursday but nothing developed.
  • With more crude directed towards Asia and some cargoes on floating storage, WTI and North Sea crude on the water is rising markedly according to Vortexa.
  • Asia’s imports of crude oil rose to the highest level in 12 months in May, driven by strength in India’s buying appetite, Reuters said.