Author: bitcointalk

Authored by Tsvetana Paraskova via OilPrice.com,

• The G7 has no immediate plans to review its price cap on Russian oil, with the last review having taken place in March of this year.

• The recent oil price rally has driven Russian oil above the G7 price cap, with its flagship Urals blend averaging $72 in August.

• There were some talks in June or July to do a review, but that review never happened and there are no immediate plans to do another.

Despite the fact that (more…)

Oil prices rallied to fresh 10-monthhighs today (9 straight days higher) as traders digested a decision by OPEC+ leaders Saudi Arabia and Russia to extend supply curbs through the end of the year.

The big question is – will we see inventory draws continuing

API

• Crude -5.2mm (-2.1mm exp)

• Cushing -1.4mm

• Gasoline -5.09mm (-1.2mm exp) – biggest draw since March

• Distillates +310k (-200k exp)

API reports a 5.2mm barrel inventory draw, bigger than (more…)

Oil prices are holding on to recent gains this morning – trading at 10-month highs after API's reported big crude and gasoline draw  – on the heels of OPEC+ production cuts and Chinese demand.

Additionally, Aramco raised its prices for US and Asian buyers, as Saudi Arabia looks to draw crude out of storage by under-supplying the market to help boost prices.

API

• Crude -5.2mm (-2.1mm exp)

• Cushing -1.4mm

• Gasoline -5.09mm (-1.2mm exp) – biggest draw (more…)