- Prompt crude prices are heading for a weekly loss
- WTI futures dropped below $90/Bbl today and are down about 4% for the week
- A bullish EIA report, recent developments in the Iran/U.S. nuclear talks, and China's weak economic data were among the factors that affected the front month prices this week
- Shell has cut production at its Rhineland refinery in Germany, the largest oil refinery in the country, which is situated along the Rhine (BBG)
- "Due to the low Rhine water level, we have reduced the capacity of Shell Energy and Chemicals Park Rhineland," said Shell in an email
- The Rhineland refinery processes about 345 MBbl/d of crude, and Shell wouldn't specify the extent of production cuts but said that supply is "challenging but carefully managed"
- Rhine water levels were estimated to be at 34 cm, which represents lows not seen since 2018
- China remains committed to improving its economy following a meeting that Premier Li Keqiang chaired to discuss China's weak economic data (BBG)
- The nation will increase fiscal and monetary support and may lower the financing costs of businesses and personal loans, reported state-owned broadcaster CCTV
- Li acknowledged the Covid lockdowns' greater-than-anticipated downward pressure in 2Q22 and urged the authorities to balance Covid control measures with the need to lift the economy