The October Brent futures flat price saw a choppy but ultimately bearish Wednesday morning, rallying to highs of $81.41/bbl by 10:07 BST which was followed by a rapid descent below $81/bbl, trading at $80.76/bbl at 11:20 BST (time of writing). The 5.2mb crude draw, as reported by the API, has supported prices, but traders are awaiting confirmation from EIA stats. Markets are expecting a 0.2% m-o-m US core CPI reading today, which would support a Fed rate cut in September. Russia has extended a ban on gasoline exports until the end of 2024, with the government citing the need to maintain stability during a period of increased seasonal demand and scheduled refinery repairs. Petramina is expected to complete a revamp of its largest refinery at Balikpapan on Borneo in September next year to be able to produce cleaner fuels. Finally, the front (Oct/Nov) and 6-month (Oct/Apr) Brent futures spreads are at $0.76/bbl and $2.78/bbl respectively.
