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• API Reports a Draw in Crude Oil Inventories
  U.S. crude oil stocks likely fell by almost 2.5 million barrels last week, with a...

  U.S. crude oil stocks likely fell by almost 2.5 million barrels last week, with a build almost as large in distillates and a slight drop in gasoline stocks, petroleum industry group API indicated in a preliminary report on Tuesday ahead of the official inventory data from the EIA, today.

  
  

  The petroleum industry group reported a crude build of 6.195M barrels in the prior week to Aug 11.

  
  

  Along with the broader crude stockpile gain it reported for last week, the API cited a slide of 2.21M barrels last week at the Cushing, Oklahoma hub that takes delivery of U.S. crude. In the prior week, the API reported a Cushing deficit of 1.0M barrels.

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• Energy Sector Commentary for Wednesday
  The energy sector is off to a lower start, pressured by weakness...
  The energy sector is off to a lower start, pressured by weakness in crude oil contracts. Meanwhile, the broader market futures are higher as investors wait for quarterly results from Nvidia and ahead of this year’s annual economic symposium at Jackson Hole.
  
  WTI and Brent crude oil futures are extending losses for the third consecutive day, as optimism for a strong rebound in demand dimmed amid gloomy global manufacturing data, ahead of the U.S. PMI print due later today. Market participants are also keeping an eye out for any comments that may provide clues on the Federal Reserve’s monetary policy path at this year's annual meeting at Jackson Hole. Manufacturing results have been dull so far, with Japan reporting shrinking factory activity for a third straight month in August. Traders also digested a decline in Eurozone business activity and a modest decrease in Britain’s economy. API data showed crude stocks fell by 2.4 million barrels last week, slightly smaller than the 2.9 million barrel decrease analysts were expecting.
  
  Natural gas futures are adding to yesterday’s gains, on expectations for a build of +30 to +35 Bcf vs the 5-yr average of +49 Bcf in tomorrow’s EIA weekly inventory report.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for September delivery...
  Benchmark U.S. crude oil for September delivery fell 37 cents to $80.35 a barrel Tuesday. Brent crude for October delivery fell 43 cents to $84.03 a barrel.
  
  Wholesale gasoline for September delivery rose 2 cents to $2.79 a gallon. September heating oil rose 2 cents to $3.14 a gallon. September natural gas fell 7 cents to $2.56 per 1,000 cubic feet.
  
  
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• U.S. stocks finish mostly lower as bank shares slide
  U.S. stocks finished mostly lower on Tuesday,...
  U.S. stocks finished mostly lower on Tuesday, with only the tech-heavy Nasdaq Composite clinging to gains, as poor retailer earnings, rising Treasury yields, and a slew of bank downgrades weighed on stocks. The S&P 500 SPX fell by 12.13 points, or 0.3%, to 4,387.63, according to preliminary closing data from FactSet. The Nasdaq Composite COMP gained 8.28 points, or 0.1%, to 13,505.87. The Dow Jones Industrial Average DJIA fell by 174.72 points, or 0.5%, to 34,288.97. A gauge of bank stocks also finished lower as S&P Global downgraded several midsize U.S. banks.
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• Energy Sector Commentary
  The energy sector is off to a mixed to lower start,...
  The energy sector is off to a mixed to lower start, pressured by further declines in the underlying commodities but supported by another bout of strength in the major equity futures which look to build on yesterday’s gains ahead of several key economic data points. Sector news is thin today.
  
  WTI and Brent crude oil futures carried over yesterday’s pullback into this morning’s session, slipping as investors continue to weigh economic concerns in China against the impact of supply cuts. China is seen as key to shoring up oil demand over the rest of the year but the country's sluggish economic activity has frustrated markets after a post-COVID reopening boost. Attention will now shift to the next round of inventory data which market participants expect to show crude oil and gasoline inventories fell last week.
  
  Natural gas futures turned lower this morning, pressured by forecasts for slower-than-expected gas demand over the next two weeks and as traders continue to eye output data.
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