- Crude inventories fell almost 3.5 MMBbl last week, the lowest since October 2018 but less than expected (EIA)
- A large gasoline build was unexpected, likely the result of higher oil-processing runs but also a flow of foreign gasoline into the Gulf Coast (Bloomberg)
- Production rose to 10.6 MMBbl/d as platforms returned to service in the Gulf of Mexico following the storm
- Light crude producer Syncrude Canada cut September supplies due to a mechanical disruption at its oil sands site (Bloomberg)
- Customers were informed of a supply cut of as much as 20% in September
- Syncrude’s upgrader, which turns bitumen into light synthetic crude, produced about 275 MBbl/d between January and May, according to Alberta’s regulator
- Beijing is asking local governments to prepare for the potential downfall of China Evergrande Group (WSJ)
- This could be a sign that China is reluctant to bail out the developer while preparing for the economic fallout
- The local governments have been tasked with preventing unrest and mitigating the ripple effect on home buyers and the broader economy, according to the journal
- Evergrande’s woes could cost 1 basis point on GDP if handled well from here, according to Li Daokui, formally an advisor to the People’s Bank of Chain, in an interview with CNBC