· July-August fuel vols thin at 6.6mln MT on worsening demand
Western fuel arbitrage cargoes into East Asia for July and August have dipped to the lowest in the current year at a combined total of 6.64 mln MT on soaring freight rates and the lack of incremental demand from the region’s main outlets, namely China and Singapore.
· Suicide attack escalates Libya violence, oil output slips
A twin suicide bombing at a Libyan army base in Benghazi killed at least four soldiers in an escalation of clashes between Islamist militants and regular forces battling to oust them from the eastern city. In another blow to the government, Libya’s oil production has fallen, turning back a hard-won increase since April in revenue for the state just as it faces increased fighting around the airport in the capital and across Benghazi.
· POLL: U.S: Crude inventories seen down last week, products higher
U.S. commercial crude oil inventories are likely to have dropped in the week to July 18, while product stockpiles rose, and expanded Reuters survey of analysts showed on Tuesday:
Refinery runs: -0.1 PCT PT
Crude prices ended down yesterday, as oil supplies remain unaffected by the continuing violence in Iraq, Ukraine and Gaza. WTI August contract expired yesterday. Its premium to September crude rose to a session high of $2.50 reflecting traders concerns about low oil inventories at the Cushing, Oklahoma. In Libya, a spokesman for the National Oil Corp. said oil output had fallen to 450kbpd, a drop of almost 20% since last week, as escalating violence has curbed some operations.
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