End of Day Oil Summary: Crude moderates earlier gains

Oil reverses some of its earlier gains with continued concerns around energy demand in major markets like US and China. Signs of lower global oil inventories weigh against Increasing supplies from Russia and Iran.

• Brent OCT 23 up 0.5% at 84.86$/bbl
• WTI OCT 23 up 0.5% at 80.53$/bbl
• The Chinese demand recovery has a weaker outlook for the remainder of this year by Chinese refiners. China’s biggest refiner, Sinopec, said Monday that the country’s product demand in the second half would expand at a slower pace than in the first.
• Investors await key US economic data releases later this week that will help determine the path of interest rates this year. This week the focus will be on the US personal consumption expenditures price index report and the August nonfarm payrolls data.
• Crude inventories in the US Strategic Petroleum Reserve rose by 600kbbl last week.
• Crude processing at Mexican state oil company Pemex's domestic refineries fell in July to 768,732 bpd in July – well below its 1mn bpd target.
• Saudi Aramco may increase the OSP of its Arab Light crude by 30c/bbl for October sales to Asia according to a Bloomberg survey.
• Chevron evacuated non-essential staff from its Blind Faith and Petronius platforms, and all staff removed from its Genesis platform in the US Gulf of Mexico according to Reuters.
• Shell is not shutting any of its offshore production due to Hurricane Idalia, a spokesperson for the company said.
• Russia’s seaborne crude shipments in the week to Aug. 27 jumped to their highest in two months. Total crude shipments totalled 3.4m b/d, up 0.88m b/d.
• The CPC oil pipeline held scheduled maintenance at the section linking to Kazakhstan’s Tengiz field August 21-24.