- Oil is trading lower, around $83.25, after finishing last week higher by more than $1
- Oil prices rallied last week, reversing losses from the prior two weeks
- Mexico is expected to reverse export cuts of at least 330 MBbl/d for May due to weaker-than-expected refinery demand
- US pushes for ceasefire in Gaza (BBG)
- US Secretary of State Antony Blinken will be visiting the region this week to push for a truce between Israel and Hamas in an effort to avoid an Israeli invasion of Rafah
- The Israeli foreign minister said that if a ceasefire can be agreed upon, then the invasion of Rafah will be suspended
- A ceasefire is a potentially bearish factor for crude prices, as the ongoing conflict is leading to increased risk premium in crude prices due to the risk of the conflict expanding and threatening oil supply
- Saudis expected to raise prices delivered to Asia (BBG)
- Saudi Aramco is anticipated to increase their official selling price of Arab Light delivered to Asia, according to a Bloomberg survey of six refiners and traders
- Arab Light OSP is expected to rise 60c from a $2/Bbl premium to Brent to $2.60/Bbl premium