US Daily Oil Summary: Market Awaiting News on US-Venezuela Deal

Venezuela is resuming talks with US officials today in Barbados in a move that will potentially ease sanctions on its oil. If successful, the Maduro government will allow banned oppositions candidates to run in the 2024 election and would mark its first concession in a decade.

• Domestically, US retail prices for both diesel and gasoline fell in the week to Oct. 13, according to EIA data. Retail gasoline prices have fallen 2.9% to average $3.404/gal. The largest decline was seen in the Gulf Coast, where prices dropped by 4.4%. Meanwhile, West Coast prices saw the shallowest fall, down 2%.
• Pemex shut a 270,000 bpd CDU at its Deer Park refinery, Texas on Monday because of a damaged process line according to Reuters sources.
• USD: The Bloomberg dollar spot index is up marginally on the day at 1270.52, a rise of 0.07%.
• President Biden will travel to Israel on Wednesday to show solidarity and work to prevent the war escalating into a broader conflict.
• The House of Representatives are voting on a new speaker. The odds have now swung toward Rep Jim Jordan (R-OH) with the pressure from the looming government shutdown and critical pending legislation compelling moderates to drop their objections.
• The NAHB housing market index was weaker than expected in October as it fell to 40 (cons 44) from a downward revised 44 (initial 45). Declines were concentrated in the West (-7) and South (-5) whilst the Midwest (-1) and Northeast (-1) were little affected.