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WTI Highest Since April 30

OIL

WTI has risen to the highest level since April 30, supported by improved sentiment for summer demand.

  • WTI AUG 24 up 1.9% at 83.09$/bbl
  • WTI AUG 24-SEP 24 up 0.1$/bbl at 1$/bbl
  • July 4th Travel - TSA and AAA are forecasting record levels of travel in the U.S. for this week’s July 4 holiday.
  • Final US June Manufacturing PMI 51.6 (51.7 flash, 51.3 May)
  • Supply is likely to remain tighter amid continued OPEC+ production curbs through to at least the end of Q3.
  • OPEC produced an average of 26.98m b/d in June, down 80k b/d on the month, according to a Bloomberg survey.
  • US crude stockpiles are also expected to have fallen by 0.2m bbl, according to a Reuters survey.
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