On Tuesday, oil prices are declining due to pressure from concerns over escalating trade tensions. Market participants are worried about the impact of increasing friction between the US and EU on economic activity and fuel demand.
Oil prices stabilized after a two-day rally as rains helped slow the spread of wildfires that had disrupted crude production in Canada.
Key indicators of the US oil market are rising rapidly amid wildfires sweeping through Canada. These natural disasters threaten to reduce supplies to US storage facilities, which would limit the impact of increased supply from OPEC+, Bloomberg reports.
According to Bloomberg data, global oil reserves have shown rapid growth over the past several weeks. Such changes indicate additional pressure from increased energy production volumes by OPEC+. As OilX data shows, energy reserves are growing at the fastest pace since 2020.
According to Vortexa, crude oil and condensate deliveries from Iran to China totaled just over 1.1 million barrels per day in May, approximately 20% lower than it was a year earlier. Further ship tracking data collection may alter these figures.
According to Bloomberg, over the four weeks through June 1, the volume of Russian oil supplies to other countries averaged 3.24 million barrels per day. That's 170,000 barrels less compared to the period through May 25.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the fall in quotes of Gasoline, WTI, Brent.
Twelve OPEC members raised oil output by 200,000 barrels per day (bpd) in May to 27.54 million bpd. Saudi Arabia accounted for about half of the increase, Bloomberg reports.
China's active transport electrification is raising market concerns over the future demand for oil and refined products. According to Bloomberg data, electric trucks accounted for 22% of light-duty commercial vehicle sales in China in April. The year before, this figure was only 13%.
Bloomberg reports that wildfires in Alberta, Canada's key energy producing region, have reduced the country's heavy oil output by nearly 350,000 barrels per day. This accounts for approximately 7% of Canada's total oil production.
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