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US Daily Oil Summary: US Crude Stocks Decline Further

OIL

US crude stocks fell by 6.31m bbl in the week ending Sep. 1, according to the EIA Weekly US Petroleum Summary. This is compared to Bloomberg expectations of a 2.351m bbl draw.

  • Gasoline stocks drew and distillates showed a small build as largely expected, with a small drop in refinery utilisation contributing to lower gasoline production.
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 01: Gasoline stocks -2,666 vs Exp -902, Distillate stocks +679 vs Exp +208
  • TotalEnergies plans to restart the coker at its 238kbpd Port Arthur, Texas, refinery on Thursday, people familiar with plant operations said. The firm restarted the 150kbpd ACU-1 crude distillation unit (CDU) and 60kbpd vacuum distillation unit-2 (VDU-2) on Wednesday, the sources said.
  • President Biden departs today for the G20 summit in New Delhi, India where he may hold a meeting with de facto Saudi leader Mohammad bin Salman (MBS). Republican support in Congress may be crucial to unlock a ‘mega-deal’ the Biden administration is negotiating with Saudi Arabia.
  • The USD Index remains in the medium-term uptrend drawn off the mid-July lows, with the index holding just below yesterday's multi-month high of 105.024.
  • Initial jobless claims were notably lower than expected in the week to Sep. 2, falling to 216k (cons 233k) after a fractionally upward revised 229k (initial 228k).

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