NEWS

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South Korea continues to be hit by the Chinese US trade war with it's 9th consecutive monthly drop in it's exports. In August it's trade surplus plunged to USD 1.72 billion from USD 6.82 billion in the same month a year earlier.

Chinese manufacturing  contracted for the fourth straight month on the eve of the US increasing tariffs on Chinese goods and China's reciprocal tariffs. The Official NBS Manufacturing PMI in China dropped to 49.5 in August 2019 from 49.7 in Julyh and below market expectations of 49.6.

The U.S took 12 oil rigs out of service as U.S.oil production hit a new high at 2500kbpd. US Natural gas rigs were unchanged. Canadian natural gas rigs rose 1, oil rigs rose 10

EIA reported as expected build of +60 Bcf in natural gas storage last week, Ahead we focus on LNG and Mexican exports and the hot weather expected in Texas.

EIA reported Crude oil inventories drew -10272k bbls with Gasoline and Distillates showing draws also last week. Cushing showed another large draw of -1980k bbls. US production hit a new record high of 12.50 mbpd.

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