US Daily Oil Summary: US Energy Policy Must be More Consistent – Chevron CEO

US oil production is being held back by inconsistent energy policy, Chevron Chief Executive Officer Mike Wirth said as reported by Bloomberg.

• “We really do need more consistency, more predictable and durable policy, to enable what is the greatest sector of our economy and the biggest single lever to our ongoing global competitiveness,” he said.
• European gasoline imports into the US tripled on the week to a four-week high of 339k b/d in the seven days to Sep. 21, according to Bloomberg.
• Spot RBOB gasoline in New York is trading at 1.25 c/gal below Nymex futures, a level not seen at this time of year since 2009, according to Bloomberg.
• Oil-exporting terminals in Corpus Christi, Texas will be able to load more oil onto VLCCs starting from October.
• The Dollar is mostly in the Green across most of the majors, benefitting from the Risk Off tone and higher US Yields. The Bloomberg dollar spot index was up 0.32% on the day to 1262.11.
• WASHINGTON - Federal Reserve officials are using the forward guidance embedded in their interest rate and economic forecasts as a way to effectively raise borrowing costs, making an already imprecise process more prone to possible overshooting, former Fed board economist Claudia Sahm told MNI.
• Congress will return to Washington tomorrow no closer to averting a government shutdown.