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Oil Summary at European Close: Crude Stable on Day

OIL
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Crude is edging up today and is on track for modest week-on-week gains. The market’s focus has recently pivoted from geopolitical issues towards economic drivers of demand and the impact of future OPEC policies on supply.

  • Brent JUL 24 up 0.4% at 83.58$/bbl
  • WTI JUN 24 up 0.4% at 79.55$/bbl
  • The latest Baker Hughes rig count data is due for release at 13:00ET.
  • Fire crews are reported to still be responding to wildfires burning near Canada’s oil sand hub of Fort McMurray.
  • China apparent oil demand fell by 3.01% year on year in April to 14.64mbpd, Customs General Administration data showed, cited by Bloomberg.
  • China is replenishing crude reserves at a rapid rate this month amid lower oil prices with more than 30mbbls of crude added to inventories over the past month.
  • PC exports of Kazakhstan crude are operating normally today according to Kazakhstan’s Energy Minister.
  • Russia crude processing rates climbed over H1 May according to Bloomberg analysis.
  • Russia’s ESPO blend fell to wider discounts against Brent in Chinese ports for May and June cargoes according to Reuters amid weaker refining margins.
  • Macquarie isn’t so confident that an extension of OPEC+ curbs is certain, according to Bloomberg.
  • European energy markets have seen signs of stabilization over the last weeks, but markets are not yet “fully out of the woods”, Engie CEO Catherine MacGregor said.
  • Venezuela’s opposition has rallied around a new presidential candidate, but this is unlikely to change US oil sanction policy, Platts said.
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Crude is edging up today and is on track for modest week-on-week gains. The market’s focus has recently pivoted from geopolitical issues towards economic drivers of demand and the impact of future OPEC policies on supply.

  • Brent JUL 24 up 0.4% at 83.58$/bbl
  • WTI JUN 24 up 0.4% at 79.55$/bbl
  • The latest Baker Hughes rig count data is due for release at 13:00ET.
  • Fire crews are reported to still be responding to wildfires burning near Canada’s oil sand hub of Fort McMurray.
  • China apparent oil demand fell by 3.01% year on year in April to 14.64mbpd, Customs General Administration data showed, cited by Bloomberg.
  • China is replenishing crude reserves at a rapid rate this month amid lower oil prices with more than 30mbbls of crude added to inventories over the past month.
  • PC exports of Kazakhstan crude are operating normally today according to Kazakhstan’s Energy Minister.
  • Russia crude processing rates climbed over H1 May according to Bloomberg analysis.
  • Russia’s ESPO blend fell to wider discounts against Brent in Chinese ports for May and June cargoes according to Reuters amid weaker refining margins.
  • Macquarie isn’t so confident that an extension of OPEC+ curbs is certain, according to Bloomberg.
  • European energy markets have seen signs of stabilization over the last weeks, but markets are not yet “fully out of the woods”, Engie CEO Catherine MacGregor said.
  • Venezuela’s opposition has rallied around a new presidential candidate, but this is unlikely to change US oil sanction policy, Platts said.