Oil Summary at European Close: Crude Reverses Losses

Crude markets have erased earlier losses after the latest weekly EIA petroleum data showed a small draw in crude stocks as expected, driven by an increase in refinery runs and recovery in exports.

• Brent JUL 24 up 0.4% at 83.48$/bbl
• WTI JUN 24 up 0.5% at 78.78$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending May 03: Crude stocks -1,362 vs Exp -1,066, Crude production 0, SPR stocks +947, Cushing stocks +1,880
• Crude stocks in ARA fell by 3.3mn bbls or 6.1% in the week ended May 3 to 50.9mn bbls according to Genscape.
• Iran plans to raise its oil output by 300-400kbd this year according to Iranian Oil Minister Javad Owji in comments on state TV.
• Norwegian oil firms agreed a wage deal with workers on Wednesday that will avert strike action later this year - which could have impacted Europe’s biggest gas supplier.
• Ukraine struck a Russian oil storage facility in Lugansk with a missile strike early on Wednesday.
• The Greek navy May 8 has extended an advisory banning STS activity off its coastline in the southern Peloponnese until May 19, a move aimed at deterring STS transfers of Russian oil, Reuters said.
• Morgan Stanley expects Brent to average $90/bbl by Q3 2024 and is removing the $4/bbl geopolitical risk premium from its Brent price forecasts.
• MNI COMMODITY WEEKLY: Canadian Oil Producers Bullish on TMX Price Impact: Full piece here: https://enews.marketnews.com/ct/x/pjJscQmAlO8I6a8zJBAlEg~k1zZ8KXr-kA8x6nOUpWnptIPjO1OcQ