US Daily Oil Summary: US Oil Output More Robust

US liquids supply growth for 2023 is forecast at 1.2 mb/d, according to the OPEC monthly report.

• EIA data shows US oil output is more robust than previously anticipated after the decision to change the way it accounts for production, according to a report from Macquarie Group.
• Crude inventories in the US Strategic Petroleum Reserve rose by 300kbbl last week according to data from the Department of Energy. Total inventories were up to 350.6mb on 8 Sep.
• Unionized refinery workers at Phillips 66's 356kbpd Wood River refinery in Roxana, Illinois, are preparing to vote on a final contract proposal with the refiner on Wednesday, a union official said, which could prevent industrial action at the site.
• The greenback is furtively firmer, with the USD Index recouping a large part of yesterday's losses, which are deemed corrective at these levels. The USD Index remains comfortably inside the medium-term uptrend drawn off the July low.
• The House of Representatives returns from its summer break today with a long list of business to complete before a potential government shutdown on October 1. House Speaker Kevin McCarthy’s (R-CA) first act may be endorsing an impeachment inquiry into President Joe Biden, a move which entails risk and could increase the chance of a government shutdown.