After trading around the $73/bbl level overnight, the November Brent futures flat price saw another collapse on Wednesday morning where price action fell to lows of $72.64/bbl at 09:00 BST. From 11:22 BST, prices spiked by $1 over two minutes from $73.46/bbl to $74.56/bbl as the market reacted to the headline of OPEC+ discussing potentially delaying their planned oil output hike in October. Since then, prices corrected lower to $74.11/bbl by 11:40 BST (time of writing). According to the Fujairah Oil Industry Zone (FOIZ), stockpiles of oil products at the Port of Fujairah dropped to a 3-week low as of 2 Sep, with heavy distillates dropping 10% in one week. Russia’s federal antimonopoly service sees no grounds for introducing a diesel fuel exports ban, the agency’s deputy head said on Wednesday. Valero began restarting its large CDU at its 360kb/d Port Arthur, Texas refinery on Tuesday, said people familiar with plant operations. Finally, the front (Nov/Dec) and 6-month (Nov/May) Brent futures spreads are at $0.47/bbl and $1.79/bbl respectively.
