AMERICAS OIL: US OIL: America Open - WTI Crude prices are lower
US OIL: America Open - WTI Crude prices have extended the trend lower amid market optimism as talks continue on the sidelines of this week's UN gathering. EIA trade expectations are mixed, with crude and distillates seen lower but gasoline stocks higher. * US special envoy Witkoff said that lengthy talks have taken place with the Iranian delegation through mediators and they are set to continue. Iran's foreign ministry official Baghaei confirmed that Qatar is mediating and that the purpose of the talks is to communicate Iran's demands. President Pezeshkian is due to speak to the UN Wednesday and has arrived in New York, according to IRNA. * Ukrainian President Zelenskyy has asked President Trump for a military package including air defense items. He said that Ukraine had destroyed 45% of Russian refining capacity. He is also due to speak before the UN today and may name China, India and Turkey for their support of Russia. The US wants Ukraine/Russia to cease targeting energy infrastructure. * Yesterday Saudi Arabia was preparing to resume crude oil exports from having restarted the East-West pipeline at a low rate,
US OIL: America Open - WTI Crude prices have extended the trend lower amid market optimism as talks continue on the sidelines of this week's UN gathering. EIA trade expectations are mixed, with crude and distillates seen lower but gasoline stocks higher. * US special envoy Witkoff said that lengthy talks have taken place with the Iranian delegation through mediators and they are set to continue. Iran's foreign ministry official Baghaei confirmed that Qatar is mediating and that the purpose of the talks is to communicate Iran's demands.
President Pezeshkian is due to speak to the UN Wednesday and has arrived in New York, according to IRNA. * Ukrainian President Zelenskyy has asked President Trump for a military package including air defense items. He said that Ukraine had destroyed 45% of Russian refining capacity. He is also due to speak before the UN today and may name China, India and Turkey for their support of Russia.
The US wants Ukraine/Russia to cease targeting energy infrastructure. * Yesterday Saudi Arabia was preparing to resume crude oil exports from having restarted the East-West pipeline at a low rate, 26. Traders said there were already signs of tankers arriving at Yanbu. * Iraq exported 70mbbl of oil in August and is currently exporting more than 3mb/d, Oil Minister Basim Mohammed said.
Exports through Turkey's Ceyhan port are expected to rise to more than 600kb/d. * There are calls from US politicians to ban diesel exports with Republican Hinson the latest and Trump supporting the idea, which would exacerbate global shortages. 16mbbl. 62%pts lower, a Bloomberg survey shows.
* A bull cycle in WTI futures remains intact and the latest pullback appears corrective - for now. Note that MA studies are in a bull-mode position and this highlights a dominant uptrend. 28. 71, the 50-day EMA.
A clear break of it would undermine the bull theme. 69, the Sep 15 high. * Crack spreads are mixed ahead of EIA inventory data that are expected to show a distillate draw but a gasoline build. 80$/bbl