US Daily Oil Summary: Keystone Pipeline Flows Near Normal

The Keystone Pipeline carrying oil between Alberta, Canada to the US Midwest has rebounded to 0.5m b/d, near the capacity of 0.6 b/d, according to Bloomberg sources citing Wood Mackenzie.

• US manufacturers reported business activity is likely nearing its nadir and will likely return to growth in the next few months, stretching diesel supplies, according to Reuters.
• US crude exports rose 7.7% from last month to 3.989mb/d in August and an increase of 12% from last year according to Bloomberg calculations based on US Census Bureau data.
• A tanker laden with gasoline from Saudi Arabia heading to the US has u-turned in the Atlantic and is headed towards West Africa, according to Bloomberg.
• The greenback traded softer on Thursday, edging lower against all others in G10 to tip the USD Index back below Wednesday's low of 106.509 to 106.416 Thursday. A negative close for the USD Index would be the third consecutive decline, however prices are still well clear of the recent low at last Friday's 105.658
• After paring gains in the lead-up to this morning's data, Treasury futures back to late overnight lows after Initial Jobless Claims (207k vs. 210k est, 204k prior), Continuing Claims (1.664M vs. 1.671M est, 1.670M prior); Trade Balance (-$58.3B vs. -$59.8B est).
• The race to find the next Speaker of the House of Representatives is now underway. The two presumptive frontrunners for the gavel, House Majority Leader Steve Scalise (R-LA) and Freedom Caucus founding member, Jim Jordan (R-OH), both formally submitted their interest in the job yesterday.