Weaker In Asia; EIA’s Delayed Inventory Release Eyed

WTI is -~$0.60 and Brent is -~$0.90, with both benchmarks operating comfortably within Tuesday’s range at typing after backing away from two-week highs made earlier in the session.

• To recap, WTI and Brent closed $2-3 higher apiece on Tuesday, with worry surrounding tightness in global crude supplies taking focus.
• To elaborate, major crude benchmarks built on an initial bid following the release of API inventory estimates late on Tuesday, with reports pointing to a larger-than-expected fall in U.S. crude inventories, paring a large build in the previous week. On the other hand, there was a reported build in gasoline and distillate stockpiles, while Cushing hub stocks declined.
• Turning to OPEC+, the group has reported a 562mn bbl shortfall re: group production targets since May ‘20, keeping in mind that collective daily output fell further to ~2.7mn bpd short of target in May.
• BBG source reports have pointed to Libya’s state oil company declaring force majeure at the port of Las Ranuf (~200K bpd loading capacity), with participants watching for further force majeure declarations at the remaining three oil ports around the Gulf of Sirte (around ~430K bpd capacity).
• Looking ahead, the EIA is due to release last week’s delayed Petroleum Status report (week ended Jun 17) later today, followed by this week’s release (week ended Jun 24) scheduled for 1530 BST.