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Oil Summary at European Close: Crude Slides

OIL
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Crude prices are edging down on the day amid a larger-than-expected build in US stocks, a slight easing in geopolitical risk concerns, and a possible delay to Fed cuts this year

  • Brent JUN 24 down 1.4% at 88.72$/bbl
  • WTI MAY 24 down 1.3% at 84.21$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Apr 12: Crude stocks +2,735 vs Exp +1,427. Crude production 0, SPR stocks +648, Cushing stocks +33
  • ARA crude inventories rose 3.7m bbl or 6.7% in the week ended April 12 to 59.1m bbl according to Genscape.
  • ADNOC Trading has bought at least four June-loading cargoes of Abu Dhabi's Upper Zakum crude in the spot market, tightening Middle East supply according to Reuters sources.
  • CPC blend crude oil exports are set to decline to around 4.9mn tons in May, compared with 5.4mn tons planned for April due to planned maintenance on the Tengiz oilfield, sources told Reuters.
  • An additional Supertanker carrying WTI Midland crude is signalling Nigeria’s new 615k b/d Dangote refinery as its destination, according to Bloomberg.
  • MNI COMMODITY WEEKLY: Rush to Restore Russia’s Damaged Refineries – Full piece here: https://enews.marketnews.com/ct/x/pjJscQbbn-sI6a81cRByGw~k1zZ8KXr-kA8x6nBCZ6jptIPjO1OcQ
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Crude prices are edging down on the day amid a larger-than-expected build in US stocks, a slight easing in geopolitical risk concerns, and a possible delay to Fed cuts this year

  • Brent JUN 24 down 1.4% at 88.72$/bbl
  • WTI MAY 24 down 1.3% at 84.21$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Apr 12: Crude stocks +2,735 vs Exp +1,427. Crude production 0, SPR stocks +648, Cushing stocks +33
  • ARA crude inventories rose 3.7m bbl or 6.7% in the week ended April 12 to 59.1m bbl according to Genscape.
  • ADNOC Trading has bought at least four June-loading cargoes of Abu Dhabi's Upper Zakum crude in the spot market, tightening Middle East supply according to Reuters sources.
  • CPC blend crude oil exports are set to decline to around 4.9mn tons in May, compared with 5.4mn tons planned for April due to planned maintenance on the Tengiz oilfield, sources told Reuters.
  • An additional Supertanker carrying WTI Midland crude is signalling Nigeria’s new 615k b/d Dangote refinery as its destination, according to Bloomberg.
  • MNI COMMODITY WEEKLY: Rush to Restore Russia’s Damaged Refineries – Full piece here: https://enews.marketnews.com/ct/x/pjJscQbbn-sI6a81cRByGw~k1zZ8KXr-kA8x6nBCZ6jptIPjO1OcQ