- Oil is trading nearly 1% higher at about $94/Bbl amid fears of tight supplies
- No recent progress in renewing the 2015 nuclear agreement has been made yet, which would enable Iran to resume oil exports to the international market
- Libyan unrest raises concerns that exports may be suspended
- The U.S. and Iran are still at an impasse over the nuclear agreement (BBG)
- Iran said they will wait "at least" until September 2 before responding to the U.S. draft, according to state-run Nour News
- Tehran continues to "carefully review the US' response" also at an "expert level"
- If an agreement is reached, Iran may have as much as 93 MMBbl of crude and condensate that could be dispatched immediately, according to ship-tracking firm Kpler
- The Biden administration is threatening government action to address exports since fuel inventories in the New York area are at a seasonally low level (BBG)
- Energy Secretary Jennifer Granholm sent a letter last week to companies like Exxon Mobil Corp., Valero Energy Corp., and Phillips 66 warning that if refiners don't restrict exports to replenish domestic inventories, the administration may take "emergency measures"
- East Coast (PADD 1) distillate stocks are currently at a six-week high of 27.5 MMBbl after they hit a seven-year low (26.1 MMBbl) at the end of July