- Oil trades lower as fears of further interest rate hikes offset supply concerns
- August ’23 WTI lost 58c this morning to trade around $71.23/Bbl
- Wednesday's Fed minutes revealed that a majority of Fed officials agreed that more tightening will be likely required this year
- Additionally, a strong June U.S. jobs report bolstered the expectations of further rate hikes
- Meanwhile, OPEC ministers and oil executives advised governments at OPEC’s Vienna conference to curb oil demand to reduce emissions instead of limiting supply to avoid price hikes
- Kazakhstan's oil production is recovering following disruption by power outages, with crude output increasing by approximately 1.64 MMBbl/d or 12% from the previous day
- Europe's Diesel Market Tightens Amid Summer Demand Surge, Supply Disruptions (BBG)
- Following Russia’s import cut-off, Europe's diesel market tightens, with the premium on prompt deliveries nearly doubling yesterday
- Refinery outages in Germany, Netherlands, and Romania, along with reduced imports from the Persian Gulf and the US, exacerbate supply worries
- Flows from the Middle East and other suppliers East of Suez are constrained at the moment, and some shipments are expected to reach by the end of July