Oil Summary at European Close: Crude Falls on EIA Build

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