- Oil is higher this morning and heading for a strong weekly gain
- WTI prices are up more than $3 this week and more than $6 over the last two weeks
- Yesterday, the EIA reported an inventory draw of 2.55 MMBbls, with US stocks remaining close to long-term seasonal averages
- Russian refineries targeted in drone swarm attack (BBG)
- Four refineries in Russia were bombed last night by Ukrainian drones in the largest drone swarm attack since the war began
- This comes after drones targeted at least two other refineries and an export terminal in May
- A reduction in Russia’s refining capacity could lead to higher crude exports
- Citi sees oil facing bullish pressure this summer (BBG)
- The bank said they expect oil to see bullish tailwinds over the peak summer season, with a global crude and product deficit of 200 MBbl/d
- Citi said, “The seasonal demand increase, as shown by the latest EIA data, renewed confrontation between Israel and Hezbollah, and the hurricane season could sustain price strength into summer”
- Refinery runs are also ramping up, with 1.5 MMBbl/d of capacity returning from maintenance this month
 |
|
|
|
|
 |
Looking for interest rate charts? We moved them here |
