AMERICAS OIL: US OIL: September 23- Americas Midday Oil Summary: Crude Rises
US OIL: September 23- Americas Midday Oil Summary: Crude Rises WTI Crude has risen as earlier optimism around US-Iran diplomatic efforts has eased following more hardline rhetoric from Iranian officials in recent hours, though eased back from daily highs after a senior Iranian official told Reuters that Tehran was reviewing a US response to its proposal. Crude prices held onto earlier gains after the updated EIA weekly petroleum inventory data. * US crude inventories for the week to Sep 18 showed an unexpected increase of 3mbbl. Gasoline inventories showed a larger than expected draw of 1.69mbbl while distillate stocks also fell by 0.4mbbl. Refinery utilization dropped more than expected by 2.8%pts to 94.0%. * A US diesel ban would see USGC refiners maximize yield shift towards jet and mogas production, before storing any diesel export length, sending heating oil spreads into contango, according to Sparta Commodities' June Goh. * Rubio said that if there is to be a deal with Iran, it would require hard work and time and that Tuesday talks with Iran were positive but not a breakthrough. A senior Iranian official told Reuters that Tehran is reviewing a US response to its proposal to
US OIL: September 23- Americas Midday Oil Summary: Crude Rises WTI Crude has risen as earlier optimism around US-Iran diplomatic efforts has eased following more hardline rhetoric from Iranian officials in recent hours, though eased back from daily highs after a senior Iranian official told Reuters that Tehran was reviewing a US response to its proposal. Crude prices held onto earlier gains after the updated EIA weekly petroleum inventory data. * US crude inventories for the week to Sep 18 showed an unexpected increase of 3mbbl. 4mbbl.
0%. * A US diesel ban would see USGC refiners maximize yield shift towards jet and mogas production, before storing any diesel export length, sending heating oil spreads into contango, according to Sparta Commodities' June Goh. * Rubio said that if there is to be a deal with Iran, it would require hard work and time and that Tuesday talks with Iran were positive but not a breakthrough. A senior Iranian official told Reuters that Tehran is reviewing a US response to its proposal to end hostilities but said many differences remain between the two sides.
" * 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. * Sentinel imagery from Sep. 22 shows one vessel of around Aframax size at the Ras Al Ma'ajjiz loading terminal at Yanbu.
* Iraq exported 70mbbl of oil in August and is currently exporting more than 3mb/d, Oil Minister Basim Mohammed said. * The European Commission will meet with member states as part of its oil coordination group on Sep. 29 to discuss ongoing risks to supply, a spokesperson told Bloomberg. * US diesel cracks are still down on the day with data showing a small drop in distillates stocks and lower exports on the week.
US gasoline cracks have fallen slightly back closer to flat on the day with demand still just below normal. 32$/bbl