CRUDE WRAP: WTI (U4) SETTLES USD 1.12 LOWER AT 77.16/BBL; BRENT (U4) SETTLES USD 1.24 LOWER AT 81.13/BBL

Analysis details (19:35)

The crude complex ended the day, and the week, in the red as China demand woes continue to weigh absent of any fresh catalyst. Nonetheless, WTI and Brent began to see losses through the European session but picked up after US players entered for the day to troughs of USD 76.19/bbl and 80.33/bbl, respectively, after the cash open before paring into the close. On the day, macro newsflow in Europe was light and US PCE did little to spur any action in oil, as geopolitics remains an uncertainty - the latest reports suggested Israel is seeking changes to a plan for a Gaza truce and the release of hostages by Hamas which complicates a final deal. Elsewhere, traders at Pemex reportedly told suppliers that it planned to significantly cut imports of diesel and gasoline, while Russia's Lukoil ramped up oil exports via sea ports by 680k tonnes in July amid Druzhba supply suspension; Rosneft and Gazpromneft add additional 300k tonnes of Urals oil to Russian Baltic loading plan for July. Lastly, Baker Hughes rig count saw oil up 5 at 482, with Nat gas down 2 at 101, leaving the total +3 at 589.

26 Jul 2024 - 19:35- EnergyGeopolitical- Source: Newsquawk