- Oil heads for a hefty weekly decline despite rising on Friday
- June ’23 WTI gained nearly $2 this morning to trade around $70.32/Bbl
- Prompt month WTI set for a third consecutive weekly loss and lost nearly 8%, or $6, this week
- Weaker Chinese manufacturing data, lingering financial health concerns from the banking crisis, weak fuel demand, and Fed's interest rate hike contributed to economic concerns this week
- However, prices find support as equities rise and the dollar weakens ahead of April's payroll report
- Additionally, market tightness persists due to OPEC+ cuts and ongoing Kurdish export halts
- Iraq Negotiates with Turkey to Resume Crude Exports (BBG)
- Iraqi Oil Minister Hayyan Abdul Ghani said yesterday that Iraq is discussing a deal with Turkey to resume crude exports, but the timeline remains unclear
- The export halt, part of a dispute with the Kurdistan Regional Government, has stopped around 0.45 MMBbl/d of Iraqi crude exports through Turkey's Ceyhan terminal since late March
- Additionally, Turkish officials are inspecting a pipeline for damage caused by recent tremors
- The minister also announced plans to construct a 0.5 MMBbl/d capacity pipeline to southern Iraq's Amaya port
- Saudi Arabia Cuts Asian Oil Prices Amid Demand Concerns (BBG)
- Saudi Arabia reduced June oil prices for Asian buyers, signaling demand weakness
- Saudi Aramco cut prices for Arab light grade to $2.55/Bbl above the regional benchmark, a 25c drop from the current month
- However, prices were increased for European customers, and most U.S. grades remained unchanged
- Additionally, Jake Sullivan, President Biden's national security advisor, will visit Saudi Arabia this weekend, indicating efforts to mend strained relations with the kingdom