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Oil Summary at European Close: Crude Weakens

OIL
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Crude has been falling during the day as the market continues to shift focus away from geopolitical risk concerns and towards more pessimistic demand outlooks.

  • Brent JUL 24 down 0.8% at 83.01$/bbl
  • WTI JUN 24 down 0.6% at 79.29$/bbl
  • Brent time spreads are following the bearish move in crude futures with the prompt spread falling to the lowest since early January despite the prospect of extended OPEC+ production cuts into H2.
  • The US Fed is still looking for more evidence of slowing inflation before easing rates.
  • The API US oil inventory data is due at 16:30ET.
  • The crude tanker, Dubai Angel, arrived at the Westridge Marine Terminal in Vancouver on Monday, preparing to load the first cargo from the expanded TMX pipeline: LSEG.
  • The Greek Navy has resumed drills in the Laconian Gulf again until June 3, pushing away Russian oil transfers that had just returned.
  • Black Sea CPC Blend crude exports via the CPC pipeline are set to rise to 5.3mn metric tons in June – up from 4.9mn in May according to Reuters sources.
  • Kazakhstan’s KazMunayGas has extended its contract to supply oil to Germany’s Schwedt refinery until the end of 2024, Interfax said.
  • Russian ESPO Blend has pivoted away from Chinese independent refiners towards Indian refiners in recent months according to Vortexa.
  • Brent is to remain rangebound and expected to average $84/bbl for the rest of the year, with WTI at $79.50/bbl: RBC.
  • OPEC+ will have difficulty unwinding production cuts next year as demand growth slows, analysts Gary Ross and Ed Morse said.
  • OPEC member voluntary production cuts are not expected to return to the market in 2024, according to FGE.
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Crude has been falling during the day as the market continues to shift focus away from geopolitical risk concerns and towards more pessimistic demand outlooks.

  • Brent JUL 24 down 0.8% at 83.01$/bbl
  • WTI JUN 24 down 0.6% at 79.29$/bbl
  • Brent time spreads are following the bearish move in crude futures with the prompt spread falling to the lowest since early January despite the prospect of extended OPEC+ production cuts into H2.
  • The US Fed is still looking for more evidence of slowing inflation before easing rates.
  • The API US oil inventory data is due at 16:30ET.
  • The crude tanker, Dubai Angel, arrived at the Westridge Marine Terminal in Vancouver on Monday, preparing to load the first cargo from the expanded TMX pipeline: LSEG.
  • The Greek Navy has resumed drills in the Laconian Gulf again until June 3, pushing away Russian oil transfers that had just returned.
  • Black Sea CPC Blend crude exports via the CPC pipeline are set to rise to 5.3mn metric tons in June – up from 4.9mn in May according to Reuters sources.
  • Kazakhstan’s KazMunayGas has extended its contract to supply oil to Germany’s Schwedt refinery until the end of 2024, Interfax said.
  • Russian ESPO Blend has pivoted away from Chinese independent refiners towards Indian refiners in recent months according to Vortexa.
  • Brent is to remain rangebound and expected to average $84/bbl for the rest of the year, with WTI at $79.50/bbl: RBC.
  • OPEC+ will have difficulty unwinding production cuts next year as demand growth slows, analysts Gary Ross and Ed Morse said.
  • OPEC member voluntary production cuts are not expected to return to the market in 2024, according to FGE.