- Oil is trading higher, reversing losses from yesterday
- WTI is up more than $1/Bbl this morning after falling $1.15/Bbl yesterday (As of 8:25 AM)
- Russia plans OPEC+ compensation cuts in warm seasons (BBG)
- Russia will be making additional supply cuts during the warmer seasons of the year to compensate for overproducing their quota in other seasons
- The country cannot cut oil production during late fall and winter due to the geology of its oil fields and climate conditions, while domestic consumption also increases during this time
- US sour crude grades weaken amid an outage at the largest US refinery (BBG)
- Marathon’s Galveston Bay refinery has shut several units since Hurricane Beryl made landfall last week, with most being brought back online but some remaining offline
- Mars and Southern Green Canyon crude grades have weakened amid this event, with SGC at the widest discount to NYMEX WTI in over three months
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