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US Daily Oil Summary: US Gasoline Demand Ticks Up

OIL

US gasoline demand saw an increase of 2.2% for the week ending February 25 (Sun-Sat) to 8.572mbpd according to GasBuddy.

  • Exxon Mobil’s Joliet refinery had an upset in one of the units on Sunday evening that caused flaring according to a filing with the Illinois Emergency Management Agency.
  • The US Energy Department is seeking 3m bbl of sour crude for the SPR for August delivery, according to a notice Feb. 26.
  • European imports of US diesel so far this month declined to 6.65mn barrels, down from11.44mn barrels, Kpler data showed, weighed on by lower US refining activity amid refinery outages and disruptions to global trade in recent weeks.
  • The US flagged, owned and operated oil/chemical tanker M/V Torm Thor was targeted by the Houthi's on February 24 at 11:45pm (Sannaa time).
  • USD: The dollar has reversed some earlier losses during the day to be unchanged on Friday’s levels. The Bloomberg dollar spot index is unchanged at 1242.33
  • New home sales were softer than expected in January at 661k (cons 684k) after a downward revised 651k (initial 664k).

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