- Oil trades higher amid concerns of tightening supply
- July ’23 WTI gained 40c this morning to trade around $73/Bbl
- China’s sluggish economic recovery, Fed's interest rate hikes, and resilient Russian exports continue to weigh on prices
- Additionally, an unexpected rate hike to 4.75% in Canada has underscored that the global interest rate hikes aren't over
- Both equities and the dollar are trading slightly lower ahead of today's initial jobless claim report
- The EIA reports a smaller crude draw of 0.5 MMBbl than expected, along with a larger-than-expected increase in refinery utilization (95.8% for the week ending June 2)
- Putin and MBS Applaud OPEC+ Cooperation (Bloomberg)
- Russian President Putin and Saudi Crown Prince Salman held a telephone conversation about OPEC+ cooperation yesterday
- They lauded the degree of collaboration within OPEC+ that facilitates swift and efficient measures to balance oil supply and demand
- The leaders underscored the importance of adhering to the production target agreements reached this week, which extended the duration of cuts until December 2024
- Kazakhstan's Kashagan Oil Field Revamps Production After Gas Leak Concerns (Bloomberg)
- Kazakhstan's giant Kashagan oil field restarts production after a temporary shutdown for gas leak checks
- Last week, the Kashagan field reduced production by over a third or 0.17 MMBbl/d due to the detected gas leak
- The field continues its struggle to stabilize production while managing the toxic hydrogen sulfide gas present in its crude oil