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Holding Above Recent Lows

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BLOCK, Large 3Y Midcurve Put Condor

OIL
OIL: Crude prices rose Wednesday, despite EIA inventory data showing a crude
stock increase of 5.89 million barrels in the latest week. Analysts warned that
data will be skewed for weeks to come.
- In its Short-Term Energy Outlook, released Tuesday, the EIA stated: "EIA
expects much of the reduction in refinery production of petroleum products to be
offset by a decline in petroleum product net exports."
- The EIA looked for net petroleum product exports to average 1.1 million b/d in
September, which is down from an average of 2.9 million b/d during the first
eight months of 2017.
- "A reduction in net exports can either come from a decrease in exports or an
increase in imports," the EIA said.
- "Additionally, the reduction in production of petroleum products could
contribute to larger-than-typical inventory draws for September," the report
said.