US Daily Oil Summary: Gasoline Imports from Europe Fall

Weekly gasoline arrivals in the US from Europe fell by around 25% during the period to 7 September to 243kbpd, the lowest level since the week ending 20 July according to bills of lading and ship-tracking data compiled by Bloomberg.

• The 140kbpd gasoline-producing FFC-unit at Marathon Petroleum's 593kbpd Galveston Bay Refinery in Texas City, Texas, remained shut following a fire on Thursday and is expected to be shut until late this week, people familiar with plant operations said.
• Airline capacity in North America rose 0.8% in the week commencing Sep.11, compared to a 0.3% fall globally. Total airline capacity for North America is now 2.4% above the same period in 2019.
• Treasury Secretary Janet Yellen says she’s increasingly confident that the US can contain inflation without major damage to the job market.
• WSJ’s Timiraos over the weekend wrote on an important shift in Fed officials’ rate stance as being under way with some officials seeing risks to tightening as more balanced rather than preferring to tighten too much than not at all.
• The Bloomberg dollar spot index was down 0.64% on the day to 1250.43.
• The House of Representatives will return from summer recess tomorrow with the prospect of a government shutdown on October 1 appearing increasingly likely.