Crude oil futures fall back
Oil prices are lower after U.S. Inventory facts confirmed soft gas demand, regardless of the hopes for a Memorial Day weekend rush of motorist activity.
Still, there's optimism bubbling underneath the surface inside the oil markets after robust gains in May accompanied the disastrous supply glut and constrained storage turmoil in April. While ships complete of crude are still anchored on the excessive seas with onshore storage sold out, the volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a restoration in call for in China and India.
A fresh document from the International Energy Agency projects international oil demand in May is ready to decline ~25 mb/d in comparison to a year in the past with June demand clocking in at ~15 mb/d beneath remaining year's level.
Looking ahead, OPEC+ talks on output are scheduled for the second one week of June.
In early action, WTI crude oil futures -3.3% to $32.59/bbl and Brent crude -2.9% to $34.28/bbl.
OPEC+ meeting may happen this Thursday
Russia has no objection to the following OPEC+ meeting being added forward to June 4 from the following week, resources advised Reuters, in a move that might facilitate oil sales for nations like Saudi Arabia, Iraq and Kuwait.
Aramco's Q1 net profit tumbles 25%
"The COVID-19 crisis is not like something the world has skilled in recent history and we are adapting to a highly complex and rapidly converting business environment," Aramco (ARMCO) CEO Amin Nasser said as the state-owned oil giant mentioned earnings.