Daniel Dawson

"THERE HAS BEEN ABSOLUTELY BEEN NO PROGRESS ON THIS ISSUE - SENIOR IRANIAN SOURCE TO REUTERS" RTRS* Referring to: "ONE OF THE ISSUES THAT IS BEING DISCUSSED IS U.S. RETURNING TO MOU , DEFINING A TIME FRAME FOR IMPLEMENTING ITS COMMITMENTS - SENIOR IRANIAN SOURCE TO REUTERS" RTRS

"U.S. VIOLATED THE INTERIM PACT 48 HOURS AFTER IT WAS REACHED AND WITHDREW FROM IT A FEW DAYS LATER - SENIOR IRANIAN SOURCE TO REUTERS" RTRS"ONE OF THE ISSUES THAT IS BEING DISCUSSED IS U.S. RETURNING TO MOU , DEFINING A TIME FRAME FOR IMPLEMENTING ITS COMMITMENTS - SENIOR IRANIAN SOURCE TO REUTERS" RTRS

"FROM IRAN'S PERSPECTIVE, THERE IS NO CEASEFIRE START DATE, THEREFORE NOTHING TO EXTEND - SENIOR IRANIAN SOURCE TOLD REUTERS" RTRS

Cracks are slightly lower on the day as markets assess the prospects of a reopening of the Strait of Hormuz.* US ULSD crack down 0.5$/bbl at 95.38$/bbl * US gasoline crack down 0.2$/bbl at 48.25$/bbl * US 321 crack down 0.3$/bbl at 63.96$/bbl * EU Gasoil-Brent down 0.2$/bbl at 69.91$/bbl * EU Gasoline-Brent up 0.3$/bbl at 30.64$/bbl * Russia has started importing gasoline from as far as India as Ukrainian attacks on its refineries trigger severe local shortages, Bloomberg reports. * Russia's Orsk refinery ceased processing on Aug. 11 after a fire that followed a Ukrainian drone attack, Reuters reports. * Fujairah oil product stocks fell 695k bbl w/w, or 9.9%, to 6.307m bbl as of Aug. 10, according to FOIZ data cited by Platts. * Japan's Eneos experienced an unplanned shutdown of its 128kbd CDU at its Marifu refinery on Aug 7 Reuters reports citing a company spokesperson. * Nigeria is considering changes to crude allocation and pricing rules to improve feedstock access for its refiners, including Dangote, Reuters reports. * The EIA weekly petroleum inventory data for the week ending Aug 7 is due at 10:30ET (15:30BST). Data is expected to show a US crude draw of 1.1mbbl and with gasoline draw of 0.85mbbl and distillates draw of 1.8mbbl and refinery utilisation 0.4%pts lower, a Bloomberg survey shows.

The U.S.A. has total control over over the Strait of Hormuz. I THINK WE WILL KEEP IT! Our Naval Blockade is being called, by everyone, "A WALL OF STEEL," and there is nothing Iran can do about it. They have no Navy, they have no Air Force, their remaining soldiers are unpaid, the IRGC is decimated and fleeing, and their "Leadership" is uncertain, at best! They have No Money - Their country is "shot." All they have is FAKE NEWS and 300% INFLATION, and getting worse! Iran is all talk and no action, the Bully of the Middle East No Longer. Praise be to Allah! President DONALD J. TRUMP

Iran's FM Seyed Abbas Araghchi via X:@araghchi"The U.S. has long miscalculated due to intelligence failures. Case in point: The war on Iran. Now, an even bigger miscalculation on the Strait of Hormuz.Worse than fake news is fake intelligence. Be careful. []"

The Celsius Granada LNG tanker, which loaded in Trinidad and Tobago late last month, turned sharply north near Brazil on Tuesday, Bloomberg reports.* The vessel, which had initially headed to Colombia before turning toward Brazil, is now headed northeast and signalling Gibraltar as its next destination with an estimated arrival on Aug. 21. * It's final destination is unclear, and could be Europe or nearby regions. * For now, LNG imports to Europe remain subdued, but shipping data and port schedules show an expected increase in late August flows, according to Bloomberg. * In northwest Europe, the Netherlands is leading the increase. The country is ramping up imports after lower levels in July.

"UKRAINE SENT AN OFFER TO RUSSIA FOR BOTH SIDES TO HALT ATTACKS ON CIVILIAN TARGETS IN THE BLACK SEA - SOURCE SAYSUKRAINE'S OFFER WAS TRANSMITTED TO RUSSIA VIA A THIRD PARTY AND IT HAS YET TO RECEIVE A RESPONSE - SOURCE SAYS" RTRS

Russia's crude production is forecast to average 8.95m b/d in 2026 before declining to around 8.6m b/d in 2027, according to Rystad.* The nation has little scope to absorb further supply disruptions, with production cuts becoming increasingly difficult to avoid. * Refinery runs in June and July were among the lowest recorded in the past two decades amid Ukrainian drone attacks. * "Every barrel not processed by a refinery must either be exported, placed into storage or removed from production," Rystad's Daria Melnik said. * "While Russia was able to absorb that imbalance in June, July demonstrated that its export system cannot consistently handle the additional volumes," Melnik added. * Part of the spare capacity created by recent production cuts is expected to be permanently lost over time.Source: Rystad Energy

Oil loadings from the Sheskharis terminal in Novorossiysk have remained halted since Ukraine's drone attacks on the city on Wednesday, Bloomberg reports. * There were several warnings throughout Thursday and Friday about the threat of drone strikes and actual drone attacks in Novorossiysk. * Storm alerts can also disrupt loadings. * Earlier, Reuters reported that loadings were halted as of Friday. * One tanker scheduled to load crude at the port left on Friday following an attempted drone attack on the terminal, a source told Reuters. * It is currently unclear exactly when Sheskharis loadings halted given discrepancies between the two reports. * NASA FIRMS data showed heat anomalies at the Sheskharis loading terminal after a drone attack on Wednesday. * The Sheskharis terminal, which handles around 700k b/d of crude oil, is Russia's main oil export facility on the Black Sea.