- Stockpiles of crude oil at Cushing, Oklahoma, could fall to historically low levels by the end of September as the demand rebound continues to outpace production (Bloomberg)
- Cushing, the delivery point for WTI fell about 4 MMBbl in the last two weeks, bringing stocks to the lowest levels since March 2020
- AEGIS notes that the strength at Cushing has helped tighten the Brent-WTI spread and flip WTI Midland to a discount to WTI at Cushing for the Aug and Sep differential contracts
- A senior U.S. administration official said the U.S. is prepared to return to the seventh round of indirect talks with Iran on re-entering the 2015 nuclear deal once Tehran is ready (Bloomberg)
- On Wednesday, Iran said the U.S. had agreed to remove all sanctions on Iran’s oil and shipping, according to outgoing Iranian president Hassan Rouhani’s (Reuters)
- Late on Wednesday, U.S. negotiators reportedly denied that it agreed to remove sanctions on insurance, oil, and shipping, according to Forbes
- The EIA reported a 7.6 MMBbl draw in U.S. oil inventories on Wednesday for the week ended June 18
- The large draw was in line with industry estimates from the American Petroleum Institute’s (API) estimates
- U.S. gasoline stocks dropped by 2.9 MMBbl while distillate stocks rose by 1.7 MMBbl
- Refinery utilization fell 0.40%, remaining close to seasonal averages