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Moor Technical Podcast for Gold, S&P, and Bitcoin

TFA Energy Morning Highlights – 5/31/2023
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TFA Energy Morning Highlights

via Brynne Kelly

TFA Energy Morning Highlights – 5/31/2023 

Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill.

Brent's July contract, which expires on Wednesday, and the U.S. benchmark were on track for monthly declines of more than 9 per cent and 11 per cent, respectively.

China's manufacturing activity contracted faster than expected in May on weakening demand, with the official manufacturing purchasing managers' index (PMI) down to 48.8 from 49.2 in April. The outcome lagged a forecast of 49.4.

Further pressure came as the U.S. dollar rose to its highest in over two months, making commodities more expensive for buyers holding other currencies and weighing on oil demand.

Separately, U.S. crude oil and gasoline stockpiles were seen falling last week, while distillate inventories likely increased, a preliminary Reuters poll showed on Tuesday.

The poll was conducted ahead of reports from the American Petroleum Institute, an industry group, due at 4:30 p.m. EDT (2030 GMT) on Wednesday.

Today’s July WTI Pivot Level = $70.68

NOTABLE OVERNIGHT HEADLINES

* HSBC: Expect OPEC+ To Adopt Flexible Approach; Could See Further Supply Cuts If Expected Deficit Does Not Materialise This Summer And Prices Remain Below $80/B

* HSBC: Over 7 MMBD Of Oil Supply Will Be Added To Oil Market Between 2023 And 2027; Major Additions From US, UAE, Saudi Arabia

* HSBC: Stronger Oil Demand From China And West From Summer Onwards Will Bring About Deficit In The Market In H223

* HSBC: Does Not Expect Announcement Of Another Set Of Production Cuts In OPEC+ June 3-4 Meeting

* Goldman Sachs: OPEC+ Nations Likely To Keep Output Unchanged

* Norway Police: Gas leak was detected at Melkoya, but the size is unknown.

* Texas battery rush: Oil state's power woes fuel energy storage boom

* US home prices are to decline 2.8% in 2023 and stagnate in 2024 vs -4.5% and 0.0% in March poll.

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