Tidbits, Crude Oil, Short-Dated Options, S&D Estimates 5/8/24

Highlights

The U.S. Department of Energy (DOE) announced yesterday a tender to purchase 3.3 million barrels of crude oil for October delivery to replenish the Strategic Petroleum Reserve (SPR) at a price no higher than $79 per barrel. To date, the DOE has bought a total of 32.3 million barrels of oil at an average price of $76.98.

World crude oil demand is expected to grow less this year than earlier estimates and output should grow faster than previously thought, the U.S. Energy Information Administration (EIA) said yesterday.

The EIA now expects total world crude oil and liquid fuels production to rise by 970,000 barrels per day (bpd) to 102.76 million bpd this year.

World oil and liquid fuels consumption is now expected to grow by 920,000 bpd this year to 102.84 million bpd, 30,000 bpd less than forecast by EIA in its April update.

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