- Oil trades in a tight range and heads for a modest weekly loss as the market tries to assess the global technical outage impact
- Prompt WTI was 3c lower this morning to trade around $82.79/Bbl (As of 8:08 AM)
- The U.S. dollar index climbed for a second session following stronger-than-expected U.S. labor market and manufacturing data, weighing on dollar-denominated oil
- Markets worldwide faced technical issues due to a Microsoft Service outage, though oil futures continued trading as the company reported the problem was resolved; several oil market companies were affected, according to traders
- On the demand side, China's Third Plenum ended this week with little indication that top leaders are planning measures to boost demand or address the property slump
- Russia cuts crude exports to keep barrels at home for refiners (Bloomberg)
- Russia’s seaborne crude shipments fell to the lowest since January, likely to remain low through August, with four-week average exports down to 3.11 MMBbl/d as of July 14
- Domestic refining in July is on track to reach a six-month high due to recovery from seasonal maintenance and drone attacks, with Rystad Energy forecasting seaborne crude flows to stay around 2.7 MMBbl/d in July and August
- The reduction in exports aligns with Moscow’s OPEC agreement preventing production increases until at least October, impacting large Asian economies relying on discounted Russian oil
- Analysts expect Russia’s seaborne crude supplies to hover near 3 MMBbl/d, well below levels seen in April and May when exports peaked due to disrupted domestic refining
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