NEWS

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Energy storage still distorted from Hurricane Laura. EIA reported a draw in crude oil of -4389kbbl, a draw of of  -74kbbl at Cushing.  Draw in gasoline -381kbbl. US production was at 10,900 mbpd, off record high of 13.10 mbpd. 

The OPEC Monthly Oil Market Report (MOMR) for September released Monday provides OPEC's outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.

Energy storage still distorted from Hurricane Laura. EIA reported a build in crude oil of +2003kbbl, a build of of  +1838kbbl at Cushing.  Draw in gasoline -2954kbbl. US production was at 10,000 mbpd, off record high of 13.10 mbpd. 

Natural gas futures drifted after a larger than expected build of +70 Bcf in gas storage last week as weather changes were felt.  The  focus is on the gulf weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

ECB left rates unchanged as expected in September with controversial Christine Lagarde at the helm. The bank left deposit facility interest rates at .-50% and held steady rates on the main refinancing operations and on the marginal lending facility unchanged. 

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