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• Energy Sector Commentary for Wednesday
  The energy sector is off to a...

  The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the major equity futures which are down on renewed inflation worries.

  
  

  WTI and Brent crude oil futures are snapping five-consecutive sessions of gains, on a stronger dollar and as concerns over tight supply wanes. Against a basket of currencies, the dollar index was at 104.69, not far off the six-month high of 104.90 which was touched overnight. Saudi Arabia and Russia’s decision to consider whether to deepen cuts or raise output depending on market conditions on a monthly basis, has put pressure on oil futures this morning, a day after Brent rose above $90 for the first time in 2023. Market participants will now be keeping an eye on today’s API and tomorrow’s EIA data which will provide clues on gasoline demand as prices at the pump are now at the highest seasonal level in more than a decade. Congress is set to sell off a 1-million-barrel emergency cache of gasoline created in the aftermath of Hurricane Sandy amid questions about the reserve’s usefulness.

  
  

  Natural gas futures are extending their recent declines on forecasts for cooler weather and lower gas demand in the next two weeks.

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• Marketmind: Oil, yield spike takes wind out of market sails
  (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, the financial markets columnist....
  (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, the financial markets columnist.
  
  Asia is set for a cautious open on Wednesday after a jump in oil prices to their highest level this year and the resulting spike in bond yields on Tuesday helped take some of the froth out of local stock markets that had built up recently.
  
  The regional economic data and policy calendar is light, with Australian second quarter GDP growth figures and the latest snapshot of inflation in Taiwan the only major releases on tap.
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• Closing Oil and Gas Prices for Tuesday
  Benchmark U.S. crude oil for October delivery...
  Benchmark U.S. crude oil for October delivery rose $1.14 to $86.69 a barrel Tuesday. Brent crude for November delivery rose $1.04 to $90.04 a barrel.
  
  Wholesale gasoline for October delivery fell 1 cent to $2.58 a gallon. October heating oil rose 11 cents to $3.22 a gallon. October natural gas fell 19 cents to $2.58 per 1,000 cubic feet.
  
  
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• Dow closes down 200 points as bond yields, oil prices jump
  U.S. stocks closed lower Tuesday after the long Labor Day weekend,...
  U.S. stocks closed lower Tuesday after the long Labor Day weekend, as bond yields and oil prices climbed. The Dow Jones Industrial Average DJIA shed about 195 points, or 0.6%, ending near 34,642. The S&P 500 Index SPX dropped about 0.4% and the Nasdaq Composite Index COMP fell 0.1%. Investors returned from the long weekend in a less bullish mood on weaker economic data from China and Europe, but also with more clouds on the horizon in oil markets.
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• Tropical wave has 90% chance of formation, could become a hurricane later this week
  TAMPA, Fla. (...
  TAMPA, Fla. (WFLA) The National Hurricane Center is keeping an eye on a disturbance that has a 90% chance of formation and will likely become Tropical Storm Lee.
  
  The NHC said showers and thunderstorms associated with an area of low pressure are located over the central tropical Atlantic about 900 miles west-southwest of Cape Verde.
  
  The NHC said the system will likely become Tropical Storm Lee. It could strengthen into a hurricane later this week as it nears the northern Leeward Islands.
  
  
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