The report from Wood Mackenzie showed stockpiles at the Cushing, Oklahoma, delivery point rose 1.05 million barrels in the week ending May 26.

Reflected in the near-term discount for spot prices (June) over July, of circa USD0.3/bbl. Indicative of weaker physical demand.

Also weighing on the crude price are signs of easing supply side issues:

  • Canadian oil sand producers are working to bring back output that was cut by recent wildfires
  • Russia's output cuts appear less than promised
  • China's demand is still said to be curtailed

Note that OPEC+ next meet on June 4.

Earlier:

Even earlier:

oil barrel