US Daily Oil Summary: US Could Ease Sanctions on Venezuela Oil

The Biden administration and the government of Venezuelan President Nicolás Maduro have agreed to a deal to ease US sanctions on Venezuela’s oil industry, while Venezuela would allow competitive and international monitored presidential elections next year according to the Washington Post.

• US Gasoline margins are now at their lowest level since 2020 and are negative for some refiners, according to Bloomberg.
• Average US gasoline pump prices are below their week ago level for the fourth straight Monday according to GasBuddy as gasoline cracks remain weak and despite the strength in crude markets.
• US gasoline imports from Europe fell 14% in the week to Oct. 12, hitting a four-week low, according to Bloomberg.
• USD: Positive sentiment across major equity benchmarks have weighed on the greenback to start the week, with the USD index declining around 0.35% as we approach the APAC crossover.
• Markets headed through the London close with US yields off earlier highs, but equity markets comfortably on the front foot, with indices close to session highs.
• WSJ reports that the US has selected roughly 2,000 troops, drawn from service people stationed inside and outside the Middle East, to prepare for a potential deployment to support Israel.
• President Biden is reportedly weighing up a trip to Israel, as soon as this week, after an invitation from Israeli Prime Minister Benjamin Netanyahu. Biden said in an interview with CBS yesterday that he believes the Israeli occupation of Gaza would be, "a big mistake."