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Overnight & Singapore Window: Sep Brent supported over $85/bbl

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The September Brent futures flat price contract rallied to $85.70/bbl at 09:15 BST, following which it met resistance and softened to $85.25/bbl at 11:10 BST (time of writing). Last Friday, the EIA reported that US oil production climbed by over 72kb/d m/m to a four-month high of 13.25mb/d in April. Product supplied of crude oil and petroleum products, a proxy for demand, increased by 131kb/d m/m to 20mb/d in April. Demand rose by nearly 0.5mb/d relative to the EIA’s Short-Term Energy Outlook (STEO) for major products, such as gasoline, distillate and jet fuel. In addition, the US National Hurricane Center announced over the weekend that the Category 4 storm Hurricane Beryl is reported to be moving across the Atlantic Ocean towards the Carribean’s Windward Islands. Furthermore, a Bloomberg survey of seven traders and refiners has shown that Saudi Aramco may reduce the official selling price (OSP) of Arab Light crude to Asia by 90c/bbl m/m in August. In addition, the China National Petroleum Corp (CNPC) has reported the set up of a new entity grouping national oil producers and other state firms to search for ultra-deep oil and gas reserves in an attempt to look for harder-to-extract resources. Finally, at the time of writing, the front-month and 6-month Brent futures spreads stood at $0.75/bbl and $3.55/bbl, respectively.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.