- WTI Rises on Alberta Wildfires
- WTI prompt-month futures climbed $0.88 to $63.40/Bbl Tuesday morning (7:45 AM CT)
- Wildfires in Alberta have shut in nearly 350 MBbl/d of heavy crude output, offsetting most of OPEC+’s latest 411 MBbl/d supply hike
- The lost Canadian supply is equivalent to more than three-quarters of the oil OPEC+ added back to the market
- OPEC Production Climbs in May (Bloomberg)
- OPEC production rose by 200 MBbl/d to 27.54 MMBbl/d in May
- Saudi Arabia drove the increase, boosting output by 110 MBbl/d to 9.08 MMBbl/d; Libya added 50 MBbl/d, reaching 1.32 MMBbl/d
- The group will reconvene July 6 to decide August output; Saudi Arabia may push for more monthly hikes to fully unwind recent cuts by October
- Crude Inventories Building Rapidly (Bloomberg)
- Global oil inventories have risen by 170 MBbl/d over the past 100 days
- Analysts warn this trend reflects growing oversupply pressures from rising OPEC+ production
- Despite ongoing refinery maintenance and low refined product stocks, crude inventories are growing at their fastest rate since 2020
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