Europe’s Distillate Inventories Are Below Ten-Year Averages
September 12, 2023
The news is much the same as the energy markets worry about tight supplies versus the state of the global economy. The market gets a look at more data about US inflation this week as well as retail sales.
Currently the market is mixed and trading sideways near the highs and some type of catalyst may be needed to break this market out of its congestion.
Some of the early estimates are looking for a build to crude stocks in this week’s report which could help cool off the crude oil rally if it come to be.
North Korean leader Kim Jong Un traveling by train has made it into Russia and plans to meet with Vladimir Putin. The US is saying this meeting is about North Korea suppling Russia with weapons for the war in Ukraine.
From John Kemp. Europe’s distillate fuel oil inventories were 35 million barrels below the prior ten-year seasonal average at the end of August and the deficit has widened progressively from 9 million barrels below at the end of January.
From Bloomberg. Mexico has become the biggest supplier of goods to the US as Washington seeks to reduce its dependence on China.
Also, from Bloomberg. The US cleared the way for $6 billion in oil proceeds to be returned to Iran and agreed to free five Iranians as part of a deal that will allow the same number of American citizens detained in Iran to return home.