Oil Summary at European Close: Crude Rangebound

Crude regained its earlier losses to be rangebound on the day after EIA weekly petroleum data showed a bigger than expected draw in crude stocks although approximately in line with API data from yesterday.

• Brent JUL 24 down 0% at 82.36$/bbl
• WTI JUN 24 up 0.1% at 78.06$/bbl
• CPI Apr'24 Unrounded % M/M (SA): Headline 0.313%; Core: 0.292% (0.359% prior mth)
• EIA Weekly US Petroleum Summary - w/w change week ending May 10: Crude stocks -2,508 vs Exp -223, Crude production 0, SPR stocks +593, Cushing stocks -341
• Agreement on revised OPEC+ member production capacity and baselines “would be a critical and positive outcome,” according to JPMorgan via Bloomberg.
• The outlook for global oil demand growth continues to soften this year according to the IEA in its latest monthly report.
• Residents at Canadas oil hub of Fort McMurray remain under threat from the current wildfires – potentially placing oil production under threat.
• Crude stocks in ARA increased by 3.98mbbls or 7.8% in the week ended May 10 to 54.85mbbls according to Genscape.
• Caspian CPC Blend loadings for June are expected to rise by to 1.3m-1.4m b/d, according to Bloomberg, citing market traders.
• Kazakhstan is planning to ship 120k tons of crude oil to Germany in May, according to a KazTransOil statement.
• The Russian oil price cap shows the limits of the use of sanctions according to Energy Aspects during an inquiry into whether financial sanctions against Russia are working.
• Colombia's average daily oil output is ~800,000 bpd at present, the president of the National Hydrocarbons Association (ANH) regulator said on Wednesday.
• MNI COMMODITY WEEKLY: Oil Markets Look Towards OPEC Meet After Geopolitical Risks Fade – Full piece here: https://enews.marketnews.com/ct/x/pjJscQnaxrkI6a8zdU8nTw~k1zZ8KXr-kA8x6nOCMfxptIPjO1OcQ