Russian Oil Export Tax Hits Record High, U.S. Crude Oil Inventories Fall By 6.2 Million Barrels

    Data from the American Petroleum Institute (API) said U.S. crude and gasoline inventories fell last week, while distillate stockpiles rose. Crude inventories fell by about 6.2 million barrels in the week ended Aug. 11. Gasoline inventories fell by about 760,000 barrels, while distillate inventories rose by about 660,000 barrels. Bank of America Global Research said it maintained its forecast for an average Brent crude oil price of $90 a barrel in 2024, as higher prices would require larger supply cuts or disruptions, or stronger demand.
    Russia hikes September oil export duty by 27% to $21.4 a ton
    Russia's finance ministry said in a statement that it would raise tariffs on crude oil and fuel oil exports in September by 26.6% to $21.40 a tonne, the highest level this year. In addition, Russia's gasoline export tariff in September will be raised to $6.40 per ton from $5 in August. Based on the conversion rate of 7.33 barrels per ton, the crude oil export tariff in September is equivalent to about US$2.92 per barrel. The tariff hike reflects an increase in the average price of Urals crude oil during the monitoring period from July 15 to August 14.
    The stronger-than-expected growth of U.S. retail sales highlights the economic resilience and may achieve a soft landing.
    U.S. retail sales rose 0.7% month-on-month in July, more than expected, and people increased online shopping and dining out, suggesting that the economy continued to expand at the beginning of the third quarter and the risk of a recession is still low. The Commerce Department report also showed consumers splurged on hobbies, sporting goods and apparel, underscoring the resilience of the U.S. economy despite aggressive rate hikes by the Federal Reserve to curb inflation. A separate report from the Labor Department showed core imported inflation remained subdued due to higher fuel costs. Import prices fell by 4.4% year-on-year in July.