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OIL
OIL: WTI and Brent now hover around unchanged levels, well shy of their
respective NY/Asia peaks, after an impressive run higher over the last week or
so.
- In terms of fundamental developments, reports pointed to the API weekly oil
inventory estimates revealing a surprise drawdown in gasoline stocks (which
would have been cheered by producers and crude bulls), coupled with slightly
larger than exp. builds for headline crude, distillates & Cushing stocks.
- Re: well-documented seaborne storage matters, the latest Argus media tracking
estimate noted that "around 12mn bl of North Sea crude appears to be in floating
storage in northwest Europe." Also worth noting that the Texas Railroad
Commission voted to waive fees for various new crude storage projects.
- On the broader production front RTRS sources noted that "Saudi Arabia's crude
oil exports in May are expected to drop to about 6 million barrels per day
(bpd), the lowest in almost a decade, and domestic refining output is likely to
fall as the coronavirus crisis hits demand."
- DoE inventory data headlines on Wednesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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