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Oil Summary at European Close: Crude Slides on Stronger USD

OIL
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Crude futures erased an earlier rise on the day to trade lower, continuing the recent downtrend. A recovery in the USD following data showing accelerated US business activity growth has added pressure. This will also raise concerns of ‘higher-for-longer’ interest rates.

  • Brent JUL 24 down 0.4% at 81.56$/bbl
  • WTI JUL 24 down 0.6% at 77.11$/bbl
  • Russian oil production was over its quota in April due to "technical reasons" and the country will soon present to the group its plans to compensate according to the Russian Energy Ministry on Wednesday.
  • Russia’s oil exports from western ports are expected little changed between May and June based on trading schedules according to Reuters sources.
  • Mexican crude exports have bounced back in May after a number of issues at Pemex refineries.
  • Independent refiners in China are on track for the lowest volume of Russian ESPO crude since May 2021, according to Bloomberg based on Kpler data.
  • The UKMTO has received a report of an incident 98nm south of Yemen. The incident took place at 04:53 UTC on May 23.
  • US forecasters predict 17-25 named storms during the six-month Atlantic Hurricane season starting June. 1, according to the NOAA, cited by Bloomberg.
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Crude futures erased an earlier rise on the day to trade lower, continuing the recent downtrend. A recovery in the USD following data showing accelerated US business activity growth has added pressure. This will also raise concerns of ‘higher-for-longer’ interest rates.

  • Brent JUL 24 down 0.4% at 81.56$/bbl
  • WTI JUL 24 down 0.6% at 77.11$/bbl
  • Russian oil production was over its quota in April due to "technical reasons" and the country will soon present to the group its plans to compensate according to the Russian Energy Ministry on Wednesday.
  • Russia’s oil exports from western ports are expected little changed between May and June based on trading schedules according to Reuters sources.
  • Mexican crude exports have bounced back in May after a number of issues at Pemex refineries.
  • Independent refiners in China are on track for the lowest volume of Russian ESPO crude since May 2021, according to Bloomberg based on Kpler data.
  • The UKMTO has received a report of an incident 98nm south of Yemen. The incident took place at 04:53 UTC on May 23.
  • US forecasters predict 17-25 named storms during the six-month Atlantic Hurricane season starting June. 1, according to the NOAA, cited by Bloomberg.