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- Oil is higher by about 74c to $76.27, after falling more than 2% last week (As of 8:03 AM)
- Oil is higher despite a stronger US Dollar, which can often lead to weaker crude prices
- On Sunday, Iraq announced potential plans to reach an agreement with Kurdistan over the resumption of oil exports after several months of disagreements over payments
- Manufacturers emerging from slowdown, potentially boosting diesel demand (Reuters)
- US manufacturers are coming out of a prolonged but shallow slowdown, based on the Institute for Supply Management manufacturing index
- Weak industrial activity can often lead to slower demand for diesel and, therefore, crude
- About three-quarters of all diesel consumption is from the freight industry, which is closely correlated with the industrial and manufacturing industries
- Reflecting the weak consumption, distillate inventories have been trending higher over the last three months, leading to weaker diesel refining margins
- Oil is higher by about 74c to $76.27, after falling more than 2% last week (As of 8:03 AM)
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