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• Flooding in Greece
  Torrential rains have triggered a potentially ...
  Torrential rains have triggered a potentially historic flooding event in Greece, with rain totals of more than 30 inches expected in some places through today from a storm system locally known as Daniel. The storm system has already released 2 feet of rain in parts of central Greece over 24 hours and has caused floods in neighboring Turkey and Bulgaria. At least seven people have been killed across the three countries.
  
  Weather analysts say the system could develop into a Mediterranean tropical-like cyclone, also known as a “medicane," as warmer temperatures in the Mediterranean Sea fuel extreme weather patterns. The system is also part of a weather pattern known as an "Omega Block," named for resembling the Greek letter Omega, which is allowing a heat dome to build over central Europe while bringing heavy rain to the Mediterranean. 
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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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