Oil prices are up slightly on the day as markets continue to struggle between signs that the market is tight and global demand concerns. WTI is up about 0.4% to around $86/bbl and the 20-day moving average held as a floor for prices. Brent is up around 0.4% to $92/bbl.

• The Whitehouse is planning an announcement this week relating to a release from the strategic oil reserve of a possible 10 to 15 million barrels to ease pressure on gasoline prices ahead of the mid-term elections, according to Bloomberg. There is also talk of an export cap being imposed on diesel and gasoline in November.
• The oil market remains worried by the impact that China’s continued Zero-Covid policy will have on demand.
• On the supply front, the OPEC+ output cuts hit in November, there’s been unwinding of investments in Russia by foreign entities, and the US EIA also reduced its shale-oil supply forecasts for October to 9mbd from 9.12mbd. However, it expects November production to be up slightly to 9.11mbd.