Prompt Brent futures flat price has maintained the levels established after this mornings strength, with prices oscillating in the mid $83/bbl handles, before more recent support has seen the contract trend towards the $84/bbl mark, reaching $83.89/bbl at 17:00 GMT. The EIA announced a draw of 1.5mbbls in US crude oil stocks, after six consecutive draws, against a median estimation of +1.0mbbls. The EIA value falls in line, albeit to a lesser extent, than that reported by the API last night, which registered a draw of 5.5mbbls. Cushing storage also saw its first draw in five weeks, equating to 200kbbls. Moreover, US petroleum inventories are at their lowest point since the end of 2022 and US refinery runs have risen by 390kbbls/d w-o-w to 15.7mbbls/d. The Novoshakhtinsk oil refinery in Russia’s Rostov region has resumed operations following a Ukrainian drone attack. The front and 6-month Brent futures spreads are at $0.55/bbl and $3.73/bbl, respectively.
