- Oil edges higher following Fed announcement as Russia imposes a fuel export ban
- October ’23 WTI gained 83c this morning to trade around $90.49/Bbl
- The US Fed left the benchmark rate unchanged for September while indicating there’s one more 25 bp hike ahead
- The prospect of higher rates pushed the dollar to a new six-month high
- Crude traded lower following the FOMC meeting despite a draw from storage
- Cushing storage reported a 2.1 MMBbl draw, hitting its lowest seasonal level since 2018
- US crude exports were at 5.1 MMBbl last week, with Asian buyers turning to the US due to Saudi and Russian oil cuts
- Russia temporarily curbs diesel and gasoline exports (Bloomberg)
- Russia temporarily bans diesel and gasoline exports to stabilize surging domestic fuel prices
- The government's press office said that “temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers”
- In the first half of September, Russian diesel and gasoil exports fell by 31% MoM to around 63,000 tons per day or 0.47 MMBbl/d amid refinery maintenance and government-led efforts to redirect fuel to the domestic market
- ICE gasoil crack in Northwest Europe surged by nearly $5 to about $39/Bbl today amid fears of global shortages with reduced crude supplies from major OPEC+