- Oil heads for a weekly loss as concerns about an economic slowdown outweigh tight supply
- May ’23 WTI gained 43c this morning to trade around $77.80/Bbl
- Prompt month WTI lost nearly $4.80 this week, giving up most of the OPEC-driven gains
- Concerns about economic growth and weak product cracks countered OPEC+’s off-cycle cut and halted Kurdish exports
- A stronger dollar also weighed on crude prices this week, making dollar-denominated commodities more expensive for buyers holding other currencies
- Kurdistan’s crude exports (0.45 MMBbl/d) remain halted despite Iraq hoping to restart exports this week
- The U.S. could begin to refill the SPR in 3Q2023 (BBG)
- The U.S. could begin refilling its Strategic Petroleum Reserve (SPR) in the fall, according to Amos Hochstein, the U.S. Special Presidential Envoy for Energy Diplomacy
- If oil prices are "in the right place" by early fall, the United States is "100% committed to replenishing the SPR over a period of time," said Hochstein
- Hochstein added that the timeline for refilling would also depend on SPR’s maintenance and the administration’s ability to manage the mandated sale of 26 MMBbl by June 30