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- According to S&P Global Commodity Insights, attendees of the Middle East Petroleum and Gas Conference (MPGC) have spoken about how they expect the UAE’s oil exports to Europe to increase over the next few months, replacing the decreased share of oil exports from Russia in the wake of the Russia-Ukraine conflict.
- Argentina’s national oil company, YPF, has announced an agreement with CGC to drill the first exploration well in the Palermo Aike shale formation, which is Argentina’s second-largest shale deposit.
- The US inland crude oil price differential remained strong on Monday as the NYMEX benchmark near-month crude futures contract expired and the spot market entered a three-day trading period. Roll-over trading is typically more volatile as traders eliminate risk exposure during this period.
- WTI crude oil futures rose on Monday, while US gasoline futures climbed, and there are predictions that oil demand will increase in the second half of the year, while supplies from Canada and OPEC+ have decreased in recent weeks.
- The head of India’s largest refiner has said that the country has reduced its purchases of spot crude oil from the Middle East in recent months, as cheaper Russian spot crude oil flows into the country. India is the world’s third-largest net importer of crude oil.
- Nigeria’s Dangote refinery began trial runs on Monday, with hopes that it could transform the country into a net exporter of refined products. However, analysts say that ensuring a steady supply of crude oil may impact the country’s ability to achieve full production.
- Data from industry group Euroilstock shows that European refinery crude intake in April was 9.82 million barrels per day, up 7.7% month-on-month and 3.5% year-on-year, as refineries completed maintenance and resumed production.
- Industry insiders familiar with the matter have said that Iran has set the official selling price for its light crude oil in the Asian market in June at a premium of $2.60 per barrel above the average price of Oman/Dubai crude oil, down 20 cents from May.
- Three traders have said that despite the narrowing discount to Brent crude and lower freight rates, Russian Urals crude oil loaded from the Ust-Luga, Primorsk, and Novorossiysk ports in May traded significantly below the upper limit of $60 per barrel.
