- Oil continues to trade higher, extending yesterday’s gains
- Oil is higher despite a stronger US dollar, which can often have a bearish impact on crude prices
- A commodity bulk carrier was struck by a drone in the Red Sea, launched from Yemen
- OPEC unlikely to increase 2024 output, according to Energy Aspects (BBG)
- Consultant Energy Aspects said that OPEC probably won't need to increase oil output this year without a significant increase in global demand
- At OPEC’s latest meeting, they announced plans to gradually restore about 2 MMBbl/d of production from October
- Global oil demand is expected to grow by 1.1 MMbbl/d this year but could pick up around the end of the year
- Crude imports hit a six-year high, adding to build (BBG)
- US crude imports reached the highest level since 2018, driven by shipments to the US West Coast
- The increase in imports led to a higher-than-expected build in crude inventories, according to yesterday's EIA release
- Exports fell due to weaker refinery runs but will likely need to increase to keep markets balanced
 |
|
|
|
|
 |
Looking for interest rate charts? We moved them here |
