Heavy Reading Morning Digest

First ICE settlements in days show the WCS front widening $1.40 while both PADD 2 demand binaries break bearish; the Moscow refinery is halted overnight and US tanker enforcement goes transoceanic.

Joliet's restart awaits public confirmation, Whiting union talks reconvene today, and crude firms as Hormuz diplomacy stalls.

"A ~275 kb/d Midwest (PADD 2) heavy-crude buyer is back online. Meanwhile Trump rejected Iran's seven-day Hormuz roadmap, and Ukraine's campaign against Russian refineries hit its biggest weekend of 2026."

"Trump publicly rejected Iran's 7-day Hormuz plan Saturday — Friday's crude selloff may not survive the Sunday reopen. But Gulf tanker volumes have doubled in a month, so the premium is doing more work than the flows. Joliet still only partially back; WTI specs sit at the 96th percentile of length."

"Trump rejected Iran's 7-day truce offer after the Friday settle — Hormuz re-closed, ships attacked off Oman, Houthis took Perim Island. Friday's crude selloff is at risk of full reversal on Sunday reopen. Joliet only partially restarting; gasoil cracks printed a record."

"Brent and WTI giving back Thursday's Houthi-missile rally on overnight US–Iran truce signals. Several Joliet units returned Wednesday — the front-of-strip WCS catalyst. Diesel cracks re-testing records; October Merey sales stalled on record freight."

"Flat price rallied 3–4% Wednesday on a diesel-export-ban headline the White House then denied, plus fresh Hormuz attacks. The EIA's bearish 3-million-barrel build was shrugged off. Joliet still dark; diesel cracks over $100 keep synthetic crude bid."

"Reconstructed edition — the morning run failed; rebuilt from the day's wires and the following edition. WTI and Brent closed Tuesday at two-week lows after six straight down days; the Saudi East-West restart was confirmed; EIA weekly due Wednesday morning."

Yanbu exports could resume today, Brent fell $2+ to its lowest since Sep 8, and the WTI October contract expired after a four-session slide of roughly $10.

Keystone ran at 94% of available capacity, rail's share of exports rose to 7.1% in June, and the WTI October contract expires Tuesday.