*WTI edges higher but products dip as US Gulf braces for Laura
US crude was on the up as of 26th August as the region prepares for hurricane Laura, which is sweeping across the southern coast, yet demand for other products weakens S&P reports. NYMEX October WTI settled higher at $0.04 for the day whilst ICE Brent was down $0.22. The reason for why futures products settled lower could be as a result of the eastwards shift of the storm away from the oil rich region of Houston.
*U.S. crude stocks drop as exports soar, refining ramps up -EIA
US crude inventories have fallen as a result of 18-month export highs, as China reaffirm their trade deal intentions with the US. Current inventories are the lowest since April, falling off 4.7 million barrels to 507.8 the EIA said. Refiners are trying to move as much stock out of the region as hurricane Laura is set to wreak havoc on refiners.
*Asia Distillates-Jet cracks tumble; traders say near-term respite unlikely
Cracks for Asian jet fuel were trading at the biggest discount since May 29th at $0.75. OAG pointed out that the lack of flight schedules as lockdown continues to halt any recovery within the airline industry leads to continually lower demand for middle distillates with flight numbers down over 60% year on year in India alone.