Daniel Dawson

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Russia has introduced a temporary ban on vessel movements in and out of the port of Novorossiysk between midnight and 5 am due to Ukrainian drone strikes, Reuters reports. * Sources told Reuters that the order was verbal and that no official document was sent to shippers.

Cracks are generally lower amid pressure from rising underlying crude prices and amid stock builds in today's EIA data release.* US ULSD crack down 0.7$/bbl at 83.99$/bbl * US gasoline crack down 0.9$/bbl at 49.97$/bbl * EU Gasoil-Brent down 1$/bbl at 63.82$/bbl * EU Gasoline-Brent up 0.2$/bbl at 35.45$/bbl * EIA data showed gasoline stocks unexpectedly built by 0.77mbbl with a rise in imports, drop in exports and slightly higher production set again a rise in weekly implied demand. * Distillates stocks showed a build of 1.4mbbl with a rise in production and imports set against slightly higher exports and weekly implied demand. The four-week average distillates implied demand rose to hold near normal seasonal levels. * Diesel stocks are unlikely to build enough before the large period of global turnarounds from September and the coming winter, Sparta Commodities said. * Total oil product stocks in Fujairah fell 1.655m bbl, or 16.3%, w/w to 8.492m bbl as of July 20, according to FOIZ data cited by Platts. * Crude storage capacity utilisation rates among Shandong Independent refineries fell 0.4 percentage points on the week to 41.2% for the seven days to July 22, OilChem said. * Escalating conflict between the US and Iran is threatening Asia's planned refinery output recovery in August, raising the risk of prolonged tightness in global fuel markets, Reuters said. * Russian refinery runs rebounded across July 9-15 to nearly 3.4m b/d as several major refineries lifted runs after earlier drone attacks, Bloomberg reports. * Several units at Saudi Arabia's Ras Tanura oil refinery that had been undergoing maintenance have restarted, according to IIR Energy cited by Bloomberg. * Nigeria's gasoline imports more than tripled last month as the Dangote refinery cut domestic supply and directed output to export markets, Bloomberg reports.

"*IRAN'S STATE TV: EXPLOSION HEARD IN QESHM ISLAND" BBG

Al Jazeera earlier this morning: A top Iranian diplomatic official has told Al Jazeera that Iran has not closed the door on diplomacy, as messages continue to be exchanged through mediators.* The senior diplomatic source stated that, despite Iran's demonstrated goodwill, prospects for diplomacy have been undermined by the US administration's coercive posturing and continued acts of aggression. * The source added that Iran also considers all options to be on the table. * "The US reneging on its commitments under the 17 June MoU is the cause of the current situation," he noted.

"IRAN'S ARMY SAYS IT HAD LAUNCHED ANOTHER WAVE OF DRONE ATTACKS AGAINST U.S. MILITARY FACILITIES IN KUWAIT" RTRS

The pace of LNG exports from Qatar's Ras Laffan plant has declined since peaking earlier this month, Bloomberg reports.* The 10-day moving average was at 36.6k tons on Thursday, the lowest since June 23. * There is currently one ship docked at Ras Laffan, indicating that loadings haven't totally halted. * Qatar has been operating Ras Laffan at reduced capacity, with volumes loaded onto ships to help manage storage. * There are 13 empty LNG tankers gathered near Ras Laffan. * QatarEnergy informed Bangladesh's state-owned LNG importer on Thursday that it will extend the force majeure on shipments to mid-September, from mid-August previously, according to Bloomberg. * Reuters reported on Thursday that QatarEnergy had extended the force majeure on supplies to South Korea and India until mid-September also.

"TRUMP, UKRAINE'S ZELENSKIY TO MEET IN WASHINGTON JULY 28: WHITE HOUSE OFFICIAL" rtrs

"*OMANI DELEGATION IN TEHRAN TO DISCUSS HORMUZ STRAIT: IRNA" BBG

Energy complex under pressure as Reuters reports mediation efforts by Pakistan to restart US-Iran talks. * Note from the article: "Pakistan is exploring a path towards a resumption of stalled U.S.-Iran talks over ending their nearly five-month-old war, three Pakistani sources said, following a push initiated by China." * "Exploratory discussions took place during a visit by Iran's Interior Minister Eskandar Momeni to Islamabad this week - his second within the last 10 days, the sources said." * The three Pakistani sources cautioned that obstacles to any talks with the US remain high. * The escalation in the Red Sea this week has raised both the stakes and the hurdles for Pakistan's latest diplomatic efforts. * A halt in attacks on Saudi Arabia and other Gulf nations would now be a "pre-requisite for any talks to resume," a Pakistani official told Reuters. It's a message that Pakistan has conveyed to Iran, the official added. * Note that Iran's attacks on Gulf countries have continued on Friday. * Brent SEP 26 down 4.6% at 96.04$/bbl * WTI SEP 26 down 4.1% at 88.42$/bbl * TTF AUG 26 up 2.2% at 63.29/MWh