DBO

EIA Petroleum Inventories: Crude -1.6M barrels vs. -2.3M consensus, -4.4M last week.EIA Gasoline -4.0M barrels vs. -0.6M consensus, -0.4M last week.EIA Distillates -3.4M barrels vs. +1.0M consensus +3.5M last week.Futures ([[CL1:COM]]

Non-OPEC production dropped slowly from a high of 52,638 kb/d in December 2019 to 52,396 kb/d in March 2020.Maintenance and extensive turnarounds planned between September and November could shave around 200,000 b/d from Brazil's output.World oil production in May decreased by 11,417 kb/d to 71,374 kb/d.

More than two weeks of doubt and volatility in the stock market are finally starting to show up in corporate bonds.

Oil prices have, once again, dropped below $40.00 a barrel, as the demand for oil and gas continues to wane and the supply of oil is being maintained.Given this economic scene, the years and years of debt accumulation on the part of firms within the industry is catching up and bankruptcies are accelerating.There are few choices for these "zombie" companies, because consolidation in the industry cannot really take place until balance sheets are cleaned up.

The tech-led selloff in U.S. equities is likely only halfway done, according to the Morgan Stanley strategist whose warning last month about the top-heavy market now appears prescient.

OPEC+'s market monitoring committee met Sept. 17.The committee decided to keep current cuts at 7.7 million barrels per day.But the global demand recovery has stalled.Saudi prince sent a warning to short sellers.Newest headache: A statement that Libya will revamp production, but no schedule has yet been reported.