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• US shale efficiency drive is paying off, at least for now
  Recent gains in well productivity by companies such as Pioneer...
  Recent gains in well productivity by companies such as Pioneer Natural Resources, ConocoPhillips, and Occidental Petroleum reflect successful efforts to optimize efficiency in the US shale sector. While these improvements have brought short-term relief, shrinking inventories, declining quality, steepening decline curves, and growing competition for drilling acreage complicate the pursuit of continuous shale production growth.
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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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