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COVID-19 - News digest as of 03.06.2021

June 03/2021

1. Crude oil futures increase in Asia on large API crude draw, favourable demand outlooks

MOSCOW (MRC) -- Crude oil futures were higher during midmorning trade in Asia June 3 as the American Petroleum Institute reported a large draw in crude inventories, reinforcing the narrative that fundamentals in the US are improving, while Europe reopening provided further support to the market, reported S&P Global. At 11:07 am Singapore time (0307 GMT), the ICE August Brent crude contract was up 52 cents/b (0.76%) from the previous settle at USD71.87/b while the NYMEX July light sweet crude contract was up 50 cents/b (0.73%) at USD69.33/b. Data from the API showed a massive 5.36 million barrels draw in US crude inventories in the week ended May 28. This fueled the crude price rally in morning Asia trading, even though the API data also showed that US gasoline and distillate inventories rose 2.51 million barrels and 1.59 million barrels, respectively, in the same period.
Author:Margaret Volkova
Tags:Asia, Europe, crude and gaz condensate, petrochemistry, COVID-19, USA.
Category:General News
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