- Oil edges above $80 as China unveils new stimulus measures
- October ’23 WTI gains 32c this morning to trade around $80.42/Bbl
- China's largest banks are set to cut interest rates on mortgages and are considering a third deposit rate cut within a year to stimulate its economy
- Concerns over China's economic weakness and potential rate hikes continue to weigh on demand outlook
- The market is awaiting any U.S. move to ease sanctions on Venezuela and Iran, which, if confirmed, could ease tight supplies
- Tropical Storm Idalia strengthens into a hurricane en route to Florida, threatening power outages and potential disruptions to U.S. Gulf Coast crude production
- Marathon said on Monday that its Garyville refinery (0.596 MMBbl/d) is running at reduced rates, with plans underway to resume normal operations after a fire last week
- Russian seaborne crude exports soar to an eight-week high (Bloomberg)
- Russia's seaborne crude exports surged to an eight-week high of 3.4 MMBbl/d—a rise of about 0.88 MMBbl/d week-over-week
- The spike in Russia's seaborne crude exports coincides with a 15-month low in refined fuel exports amid strong domestic demand for road fuels and the ongoing OPEC+ supply cut pledge
- On a four-week basis, seaborne crude exports average around 3 MMBbl/d, down 0.45 MMBbl/d from February, and Russia plans to ease export cuts from 0.5 MMBbl/d to 0.3 MMBbl/d in September