- U.S. oil fell for a second day, dipping below $71/Bbl as the Federal Reserve’s plans for future interest-rate hikes soured views on commodities (Bloomberg)
- The Fed signaled it would raise rates twice by the end of 2023, causing traders to cool on trades linked to hotter inflation
- “The prospect of earlier interest-rate rises propelled the dollar higher and provided traders with an excuse to take profit,” said Stephen Brennock, an analyst at brokerage PVM Oil Associates
- Oil companies evacuate the Gulf of Mexico ahead of a tropical storm (Reuters)
- All workers were evacuated from Chevron’s Genesis facility, located about 150 miles off the coast of Louisiana. Non-essential workers were removed from the company’s Big Foot, Jack/St. Malo and Tahiti production platforms
- Occidental Petroleum Corp said yesterday they were withdrawing staff
- Rainfall of up to 12 inches in isolated areas could hit the Gulf Coast and the Southern Appalachians, the NWS said
- Iranians will head to the polls Friday in a presidential election likely to see Ebrahim Raisi replace the more moderate Hassan Rouhani (Bloomberg)
- In his campaign, Raisi supported the nuclear-deal diplomacy but downplayed the accord as a “marginal matter”
- Iran has the potential to bring back 1.5-2 MMBbl/d if sanctions are lifted. The return to max Iranian oil exports isn’t expected until at least mid-2022, according to Energy Aspects