Oil Trades Sideways Tuesday as Weak Chinese Data Weighs

Oil prices are flat Tuesday, weighed upon this week by sluggish signals out of China though signs of Russian compliance with output curbs are providing support. Narrowing discounts on its sanctioned oil is drawing questions around a demand fall.

• China's GDP grew 6.3% year-on-year in the second quarter, compared with analyst forecasts of 7.3%, as its post-pandemic recovery lost momentum.
• Brent SEP 23 up 0.1% at 78.54$/bbl
• WTI AUG 23 up 0.1% at 74.22$/bbl
• Gasoil AUG 23 down -0.4% at 745.25$/mt
• WTI-Brent up 0.04$/bbl at -4.37$/bbl
• Libya’s Sharara and El Feel oil fields resumed production on Sunday. The 108 field remains shut. Concerns about the Libyan situation had driven prices last Friday.
• Also supporting prices late last week was the halt in loadings at Shell’s Forcados crude oil terminal in Nigeria, which remain shut since last Wednesday. Three tankers are waiting at the terminal with further details on the leak there expected this week.
• Brent SEP 23-OCT 23 unchanged at 0.12$/bbl
• Brent DEC 23-DEC 24 down -0.02$/bbl at 3.5$/bbl
• Providing some support to prices, Russia said it will reduce its third-quarter crude export plans by 2.1 million tons, corresponding to its pledge to reduce overseas supplies by 500,000 barrels a day in August, according to the Energy Ministry.
• US gasoline cracks are ticking higher. They faced pressure earlier in the month as the July 4 holiday boost reverted but have since ticked higher again last week according to the latest GasBuddy figures. It models US consumption at 8.82mbpd.
• US gasoline crack down -0.1$/bbl at 36.49$/bbl
• US ULSD crack down -0.1$/bbl at 33.55$/bbl