Business

Amid all the chaos of Harvey's outages and Irma's expectations, tonight's API inventory seems relatively irrelevant but we are sure the machines will be all over it - no matter that it will be guesstimated more than normal. WTI was at one-month highs above $49 as API printed and kneejerked lower despite a smaller than expected crude build (still the biggest build since March) and a smaller than expected draw in gasoline.

API

Disappointing Data this morning was trump'd by some de-escalation with North Korea and a short-term debt-ceiling can-kicking - stocks rallied, bonds & bullion leaked lower, and the dollar was unable to get back into the green...

Authored by Nick Cunningham via OilPrice.com,

About half of the shuttered refining capacity along the Gulf Coast could be back up and running by Thursday, assuaging concerns about the possibility of acute gasoline shortages in much of the U.S.

If you count yourself among the unlucky residents of Southern Florida where Hurricane Irma looks likely to make her continental U.S. landfall, you may want to take notice of a new study just published by Kelly Edmiston of the Federal Reserve Bank of Kansas City which details the devastating toll that hurricanes can take on your hard-earned credit score. 

For the first time in two years, the owners of the Dow Jones Industrial Average have changed the benchmark’s divisor, the number used to determine how moves in the share prices of individual Dow components affect the level of the index.

The new divisor is now 0.145233969 from 0.146021281. With the new divisor, a $1 price move in any Dow component will translate to a swing in the level of the Dow between 6.8854 and 6.8483 points.