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Oil Summary at European Close: Crude Falls on EIA Build

OIL

Crude markets have reversed their previous modest gains and are ticking slightly lower after an unexpected US crude stock build in the latest EIA data.

  • Brent AUG 24 down 0.2% at 77.4$/bbl
  • WTI JUL 24 down 0.2% at 73.08$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending May 31: Crude stocks +1,233 vs Exp -1,909, Crude production 0, SPR stocks +898, Cushing stocks +854
  • The U.S. may speed up its SPR refill as maintenance on the stockpile is completed by the end of the year, Energy Secretary Jennifer Granholm told Reuters on Tuesday.
  • Western Canada Select (WCS) for July delivery in Hardisty, Alberta, traded at $13.35/bbl below WTI on Tuesday, according to brokerage CalRock, having settled at $12.50/bbl under the benchmark on Monday.
  • Oil sellers this week have got it wrong after the latest OPEC+ meeting according to Wayne Gordon of UBS Global Wealth Management in a CNBC interview.
  • Libya set its Es Sider OSP for June at a discount of $1.25/b to Dated Brent, according to Bloomberg, citing a price list.
  • UKMTO received a report of an incident in the Red Sea 50nm southwest of Al Shuqaiq, Saudi Arabia.
  • MNI COMMODITY WEEKLY: (Oil & Oil Products): Demand Backdrop Leaves Few Options for OPEC+ to Bring Barrels Back – Full piece here: https://enews.marketnews.com/ct/x/pjJscQiPlrgI6a8xdRtxHg~k1zZ8KXr-kA8x6nPXZfwptIPjO1OcQ
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Crude markets have reversed their previous modest gains and are ticking slightly lower after an unexpected US crude stock build in the latest EIA data.

  • Brent AUG 24 down 0.2% at 77.4$/bbl
  • WTI JUL 24 down 0.2% at 73.08$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending May 31: Crude stocks +1,233 vs Exp -1,909, Crude production 0, SPR stocks +898, Cushing stocks +854
  • The U.S. may speed up its SPR refill as maintenance on the stockpile is completed by the end of the year, Energy Secretary Jennifer Granholm told Reuters on Tuesday.
  • Western Canada Select (WCS) for July delivery in Hardisty, Alberta, traded at $13.35/bbl below WTI on Tuesday, according to brokerage CalRock, having settled at $12.50/bbl under the benchmark on Monday.
  • Oil sellers this week have got it wrong after the latest OPEC+ meeting according to Wayne Gordon of UBS Global Wealth Management in a CNBC interview.
  • Libya set its Es Sider OSP for June at a discount of $1.25/b to Dated Brent, according to Bloomberg, citing a price list.
  • UKMTO received a report of an incident in the Red Sea 50nm southwest of Al Shuqaiq, Saudi Arabia.
  • MNI COMMODITY WEEKLY: (Oil & Oil Products): Demand Backdrop Leaves Few Options for OPEC+ to Bring Barrels Back – Full piece here: https://enews.marketnews.com/ct/x/pjJscQiPlrgI6a8xdRtxHg~k1zZ8KXr-kA8x6nPXZfwptIPjO1OcQ