- Oil trades at a ten-week high as inflation cools and OPEC cuts start to bite
- August ’23 WTI gained 65c this morning to trade around $75.48/Bbl
- June CPI data showed that consumer prices rose 3%, their slowest pace in two years. Core CPI rose 0.2%, below expectations
- Oil prices were also supported by a weaker dollar and optimism surrounding Chinese stimulus
- Forecasts from EIA and IEA expect the market to tighten in the second half of 2023 into 2024
- Russian seaborne crude exports for the week to July 9 fell to 2.86 MMBbl/d, which was a nearly 1 MMBbl/d decline from the previous week
- Chinese diesel exports surge as domestic demand falls, margins rise (BBG)
- Chinese diesel exports have surged in July, averaging more than 0.3 MMBbl/d, the highest since April, according to Vortexa
- Chinese diesel exports have increased likely due to a seasonal drop in domestic demand and a lackluster economic recovery and could potentially hurt the margins of other Asian refiners
- State refiners are set to raise runs to 10 MMBbl/d this month, the highest rate this year, after seasonal maintenance came to an end