Oil Summary at European Close: Crude Falls

Crude markets have fallen after an unexpected build in US crude inventories according to the update EIA weekly petroleum data.

• Brent OCT 24 down 0.4% at 80.39$/bbl
• WTI SEP 24 down 0.9% at 77.66$/bbl
• US DATA: CPI Unrounded - Jul'24 Unrounded % M/M (SA): Headline 0.155%; Core: 0.165% (0.065% prior mth); Y/Y (NSA): Headline 2.895%; Core: 3.171% (3.267% prior mth)
• EIA Weekly US Petroleum Summary - w/w change week ending Aug 09: Crude stocks +1,357 vs Exp -857, Crude production -100, SPR stocks +694, Cushing stocks -1,665.
• ARA crude inventories rose 228k bbls or 0.4% in the week ended August 9 to 52.7mn bbls according to Genscape.
• Russian seaborne crude exports rose by 80,000 bpd on a four-week average basis to a five-week high of 3.19 mn bpd in the period to August 11 according to Bloomberg vessel tracking.
• Libya's Waha Oil Company loses 115,000 bpd due to maintenance on the pipeline from the Waha field to Es Sider port, according to Reuters citing a company source.
• Ship-to-ship transfers of Russian oil are relocating to new regions in response to Greece's crackdown on oil transfer activities in the Laconian Gulf, according to Kpler.
• MNI COMMODITY WEEKLY: OPEC Unable to Ignore China Weakness: https://enews.marketnews.com/ct/x/pjJscVPak-sI6a5idR0kGg~k1zZ8KXr-kA8x6mUCJKjptIPjO1OcQ