ICYMI - Saudi Aramco lowered prices for all of its oil to Asia, increased to Europe though

Saudi Aramco lowered prices for all of its oil to Asia for July 2024. This is the first price cut since February. next month, the first reduction since February

• reduced its Official Selling Price (OSP) for the flagship Arab Light crude loading in July for refiners in Asia
• $0.50/b reduction, which was in line with expectations
• medium & heavy cut by 40 cents, extra light cut by 60 cents

On the other hand, Aramco increased premiums to Europe

• to reflect the underlying weakness in Brent relative to Dubai

Earlier this week:

• Goldman Sachs says the OPEC+ meeting outcome is bearish for oil

Wednesday:

• Weekly crude oil build of 1.233M vs draw expected of -2.311M

Tuesday:

• Oil - private survey of inventory shows a large headline crude oil build vs draw expected