North America Daily Oil Summary: Gasoline Demand Rising

US retail gasoline demand saw a rise of 0.8% for the week ending June 22 (Sun-Sat) to 8.875m b/d, according to GasBuddy.

• US crude oil and gasoline stockpiles were seen falling last week by 3m bbl and 1.1m bbl respectively last week, according to a Reuters survey of four analysts.
• Pemex’s flagship Olmeca (Dos Bocas) refinery in Mexico is unlikely to produce any commercially viable motor fuels before the end of the year, according to Reuters sources.
• Phillips 66 149kbpd Borger refinery, Texas, is performing maintenance on their electrostatic precipitators (ESPs) at the Unit 40 FCCU, according to a filing with the Texas Commission on Environmental Quality.
• US West Coast refiners are replacing Iraqi oil imports with Canadian crude as the newly expanded Trans Mountain pipeline reshuffled trades flows in the Pacific, Bloomberg said.
• USD: The US Greenback kicked off the new week moderately lower, unwinding a portion of last week's rally. Softer USD tempered USD/YEN morning bounce off lows as pare gapped to 158.82 low - no obvious headline driver but Japanese FX officials remain ready to act to quell volatility.
• The overall Dallas Fed manufacturing index was as expected in June, rising to -15.1 (cons -15.0) from -19.4 in May. The production index suggested activity was essentially flat as it only ticked up from -2.8 to +0.7.
• The Supreme Court is preparing to announce rulings on two pending cases, including whether former President Donald Trump should be immune from prosecution for acts committed whilst he occupied the Oval Office, which could be consequential to the presidential election. The first opinions are expected to come June 26.