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Crude Markets Flat Monday


Oil Market Highlights: Crude markets remain largely flat Monday, retracing earlier gains as China measures to bolster its economy provide little traction.

  • Turkey is about to conclude technical work at Iraq pipeline and aims to make it operational as soon as possible, Energy Minister Alparslan Bayraktar says in interview with state-run TRT but it remains unclear over any agreement with Iraqi officials and timeline to reopen.
  • China has issued new oil product quotas according to Platts reports, quoting senior officials Aug 28. The officials declined to comment on volumes. “It looks [like there would be] no restriction on outflows for the rest of the year," an official with a state-owned company said according to Platts.
  • Crude global floating storage stationary for at least 7-days fell to 82.34mn bbls as of August 25 according to Vortexa down 23% from the week prior.
  • Vortexa reported on large global onshore and floating crude stockpile draws in recent weeks on Friday. As of August the implied crude shortfall has really accelerated with the latest 4-week average showing draws of close to 5mbd it said.
  • Brent OCT 23 down -0.1% at 84.37$/bbl
  • WTI OCT 23 up 0.1% at 79.9$/bbl
  • Gasoil SEP 23 up 0.6% at 948.5$/mt
  • WTI-Brent up 0.15$/bbl at -4.46$/bbl

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