AMERICAS OIL: WTI crude reversed earlier gains
May-21 18:34
May 21 - Americas End-of-Day Oil Summary: WTI crude reversed earlier gains after an unexpected rise in US crude stocks in EIA data today. Geopolitical tensions in the Middle East remain in focus after a CNN report suggested the chances of Israel striking Iran had increased. A meeting is scheduled Friday in Rome.
- EIA data showed US crude inventories rose 1.33mbbl against expectation of a small draw driven by a rise in imports and despite slightly higher exports and a rise in refinery utilisation.
- CNN said the U.S. had obtained new intelligence suggesting Israel is making preparations to strike Iranian nuclear facilities.
- US-Iran talks are scheduled to continue Friday in Rome but a possible threat from Israel is likely to make discussions even more difficult.
- Ukraine will ask the EU to make efforts to isolate Russia further – including asking for secondary oil sanctions according to a white paper seen by Reuters.
- India’s Russian crude oil imports will hit close to 1.8m b/d in May, the highest in 10 months, according to Kpler data cited by Reuters.
- The Brent-Dubai spread is set to narrow with a convergence of light and heavy refined products prices, according to FGE cited by Bloomberg.
- Atlantic arbitrage crudes like WTI Midland and CPC are “essentially shut out” of Asia by cheaper local grades, Sparta Commodities analyst June Goh said in a note cited by Bloomberg.
- An apparent rise in oil inventories on land and at sea suggests oil demand lagging increases in supply suggesting possible downside price risks before the market rebalances, according to Ron Bousso at Reuters.
- Hunt Refining’s 63,000 b/d Tuscaloosa, Alabama, refinery has expedited and started maintenance and repairs on the fire-damaged 32,000 b/d coker unit.
- US cracks are higher after gasoline cracks came under pressure following an unexpected stock build in the EIA data while diesel cracks remain slightly higher despite a rise in stocks.
- WTI July futures were down 0.7% at $61.57
- WTI Aug futures were down 0.6% at $61.05
- RBOB Jun futures were down 0.1% at $2.15
- ULSD Jun futures were up 0.5% at $2.14
- US gasoline crack up 0.7$/bbl at 26.84$/bbl
- US ULSD crack up 1.1$/bbl at 26.82$/bbl
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US TSYS: Risk Sentiment Continues to Sour, Stocks Sliding Lower
Apr-21 17:47
- Risk sentiment continues to sour, stocks at or near session lows at the moment as are Tsy futures (TYM5 -10.5 at 110-27, still above pre-open lo of 110-22).
- Market reactions to headline risk, latest focus partially tied to headlines that the WH is in the process of replacing Sec of Defense Hegseth following reports of another Signal Chat leak made the rounds. Politico reported GOP Rep Bacon said "Hegseth should Go".
- Conversely, WH Press Sec Leavitt just said the NPR report is false. Global trade remains the greater concern as markets await something concrete in tariff negotiations vs. hopes and promises that talks with dozens of countries is going well.
- Currently, the DJIA is down 1185.65 points (-3.03%) at 37956.3, S&P E-Minis down 172.5 points (-3.25%) at 5139.75, Nasdaq down 566.8 points (-3.5%) at 15720.71.
