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Oil Summary at European Close: Crude Rises

OIL

Crude is maintaining its gains today following yesterday’s US crude storage draw and a rise in Chinese imports.

  • Brent JUL 24 up 0.3% at 83.86$/bbl
  • WTI JUN 24 up 0.4% at 79.3$/bbl
  • NBC News reporting that according to Israeli officials, Israel refuses to agree to any deal with Hamas that does not enable it to engage in a military offensive in Rafah, even during a ceasefire.
  • Wires reporting comments from Abdul-Malik al-Houthi, leader of the Houthi rebels in Yemen, claiming that the group will target any ships of any company that is involved in supplying or transporting goods to Israel and to any destination these ships are heading to amid 'the Israeli aggression on Rafah.'
  • Iraq’s SOMO set the OSP for Basrah Medium to Asia for June at a $1/bbl premium to the Oman-Dubai average vs parity for May according to Bloomberg reports.
  • China oil imports slipped in April due to seasonal maintenance in the country. They came in at 44.72mn metric tons (10.9mn bpd) in April
  • Canada’s Suncor is leasing Aframax vessels in the Pacific to direct sell oil to customers from the new TMX pipeline the company said Wednesday.
  • Global oil consumption averaged 160kb/d above estimates at 103.5mb/d in the first week of May according to JPMorgan’s high-frequency demand indicators.
  • Goldman Sachs no longer expects a partial unwinding of the OPEC+ voluntary production cuts at the meeting on June 1 with “lower OPEC+ supply for longer.”
  • Odds that oil prices will keep falling this quarter are rising as easing Middle East geopolitical risks reduce the chance of supply disruption, according to Macquarie Group.
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