US Daily Oil Summary: Refinery Maintenance Picks Up

US Autumn refinery maintenance is on track for its heaviest since before the pandemic.

• Energy Aspects places offline maintenance at 2.5mn bpd combined across September through end November – 11% higher than a year prior.
• US imports of US gasoline averaged 329k b/d for the week ending September 28 – down 14% w/w according to Bloomberg analysis of bills of lading. This Compares with a revised pace of 384k bpd in the previous period - the highest since the week-ended August 24.
• The US national average for gasoline prices has fallen by 3.5 cents/gal on the week to $3.77/gal, the second consecutive weekly decline, according to GasBuddy.
• USD remained well bid late Monday (DXY +.740 at 106.914), directional with US Tsy yields climbing to new 16-year highs at midday. The US 10y yield inched higher still to show above last week's 4.6861% to once again touch levels not seen since late 2007. The greenback was the strongest performing currency in G10 Monday, with JPY and CHF also trading well. The NOK and SEK accompanied AUD lower.
• Markets trade on a steadier footing following the avoidance of a fully-fledged government shutdown, after a last-minute deal was struck in the House and Senate over the weekend.
• POLITICAL RISK - Conservative GOP Rep Matt Gaetz (R-FL), speaking on the floor of the House of Representatives, has indicated his intention to trigger a 'motion to vacate the chair,' "later this week" in a bid to oust House Speaker Kevin McCarthy (R-CA), adding "watch this space."