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• API Reports Massive Draw in Crude Oil Inventories
  The American Petroleum Institute (API) has reported a massive...
  The American Petroleum Institute (API) has reported a massive 11.486-million-barrel draw in U.S. crude inventories, compared with the previous week's 2.418-million-barrel draw as the markets weigh China's economic activity against U.S. crude inventories.
  
  Analysts were expecting an inventory draw of 2.9 million barrels for the week. 
  
  Distillate inventories rose by 2.46 million barrels, after the 153,000 barrel draw in the week prior, and are already sitting somewhere around 16% below the five-year average for this time of year.
  
  Cushing inventories fell by 2.23 million barrels.
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• Energy Sector Commentary
  The energy sector is off to a higher start, supported by strength in the...

  The energy sector is off to a higher start, supported by strength in the underlying commodities and the major equity futures which are expected to begin today’s session in positive territory following softer ADP payroll data.

  
  

  WTI and Brent crude oil futures are extending gains for the fifth-consecutive session on a larger-than-expected draw in crude stocks reflected in the API’s report, and as investors remain cautious of the potential disruptions as Hurricane Idalia makes landfall in Florida. According to the API, U.S. crude stocks fell by a bigger than-expected 11.5 million barrels in the week ended Aug. 25. Additionally, Reuters observes that money managers' net bullish position in crude continued to fall in the week ending 22-Aug (though WTI has moved back above $80/barrel since that point).

  
  

  Natural gas futures are edging higher on forecasts for above-normal temperatures across the majority of the U.S.

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• Oil rises on US stockpile draw and hurricane jitters
  LONDON (Reuters) - Oil prices extended gains on Wednesday after industry data showed a large draw in...
  LONDON (Reuters) - Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as a hurricane in the Gulf of Mexico kept investors on edge.
  
  Brent crude futures for October rose by 55 cents, or 0.64%, to $86.04 a barrel by 1114 GMT. The October contract expires on Thursday and the more active November contract was at $85.42, up 51 cents.
  
  U.S. West Texas Intermediate crude futures rose 59 cents, or 0.73%, to $81.75.
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• ☕️What Else is Brewing Wednesday Morning
  Apple sent out a save-the-date for its iPhone 15 release event: ...
  Apple sent out a save-the-date for its iPhone 15 release event: September 12.
  
  Here’s what you need to know about this fall’s Covid variant, BA.2.86.
  
  Toyota will restart production at its factories in Japan today after a system malfunction caused all of them to shut down.
  
  Terry Gou, Foxconn’s billionaire founder, announced his candidacy for president of Taiwan.
  
  The chess world’s explosive legal battle among Magnus Carlsen, accused cheater Hans Niemann, and Chess.com has been resolved, Chess.com said.
  
  
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• Florida braces for “catastrophic” Idalia
  Fueled by sizzling ocean temps, Hurricane Idalia ...
  Fueled by sizzling ocean temps, Hurricane Idalia strengthened to a Category 3 storm and is expected to make landfall this morning in Florida’s Big Bend. Forecasters are warning the powerful Idalia could bring potentially life-threatening storm surges to the state’s west coast from the panhandle down to Tampa, and Gov. Ron DeSantis cautioned people in the storm’s path that they will likely lose power. For whatever reason, Atlantic storms beginning with the letter “I” have been the most destructive since 1955.
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