- Oil soars to a new ten-month high, driven by a tightening market
- November ’23 WTI gained $1.80 this morning to trade around $92.19/Bbl
- Despite the dollar’s rally to the highest since November 2022, crude prices continue to trade at year-to-date highs as supply tightens
- The market continues to monitor the health of the US economy and potential rate hikes following the Fed's recent hawkish stance
- Concerns persist over U.S. crude inventories at the key Cushing, Oklahoma hub nearing the minimum operating level
- Inventories at Cushing have fallen from a two-year high of 43.2 MMBbl in June to less than 22.9 MMBbl last week
- Amid Russia ban, New York surprises as a pivotal diesel supplier (Bloomberg)
- Over the past week, New York exported three cargoes totaling 1 MMBbl of diesel/gasoil as Russia’s fuel export ban sends buyers searching for new supplies
- Exports from NY Harbor averaged 41 MBbl/d so far in September, marking the highest monthly rate since June 2020
- Historically a net diesel importer, New York has transitioned to a net exporter since July, causing regional distillate inventories to hit record lows for the season