- Oil continues to rally, with the prompt month up more than $1/Bbl
- The Cal ’24 strip is higher by 78c and the Cal ’25 strip is up 51c
- Yesterday’s EIA inventory report showed US crude inventories at the lowest level since December 2022
- Russian oil exports to India fall to a seven-month low (BBG)
- India reduced their oil imports from Russia by 24% in August, falling to 1.57 MMBbl/d, the lowest level since January
- Indian refiners also reduced imports from Iraq but increased imports from Saudi Arabia, which rose 63% in August to 852 MBbl/d
- Much of the reduction in imports can be attributed to refinery maintenance and monsoon rains, which dampened demand