OIL: WTI Crude rallied today, after declines yesterday

April 24 - Americas End-of-Day Oil Summary: WTI Crude rallied today, after declines yesterday due to uncertainty around Kazakhstan’s commitment to OPEC+ targets, potential June OPEC+ output increases, and ongoing US-Iran nuclear talks. Reports today suggest Iran may be seeking an interim deal, rather than a comprehensive deal within 60 days as the US is seeking. Trump’s comment that talks with China are being held added to the momentum despite Chinese denial of it.

• Axios reports suggest that Iran-US talks may be going slower than President Trump’s proposed timetable and that Iran is pushing for an interim deal, rather than a comprehensive deal within 60 days.
• Oil prices may see further downside this year on rising production and with demand limited by China’s faltering growth, according to the IEA Executive Director Fatih Birol cited by Bloomberg.
• Several OPEC+ members want to approve another accelerated oil output increase for June at their meeting on May 5, Reuters said. Uncertainty surrounds commitment to cut from overproducer Kazakhstan as the country weighs national interests and OPEC+ quotas amid signs of discontent in the group.
• OPEC+ will likely launch a diplomatic push to convince Kazakhstan to comply with its target, according to DNB Markets analysts cited by Bloomberg.
• Eni says Kazakhstan authorities haven’t been in touch about any cut in production, Bloomberg reports.
• The White House is reportedly nearing a deal with India that could act as a trade template, according to a social media post by Fox reporter Charles Gasparino.
• US Energy Secretary Wright said tariff uncertainty is a “short-term issue” for a “few more weeks.”
• President Trump commented on trade talk with China, saying they had a meeting this morning though the FT had reported Chinese officials denied anything was taking place.
• US cracks are steady after both diesel and gasoline cracks found support from larger-than-expected stock draws.
  • WTI June futures were up 0.8% at $62.79
  • WTI July futures were up 0.8% at $62.12
  • RBOB May futures were up 1.1% at $2.11
  • ULSD May futures were up 0.8% at $2.14
  • US gasoline crack up 0.4$/bbl at 25.26$/bbl
  • US ULSD crack up 0.2$/bbl at 25.37$/bbl