Free Republic

European natural gas inventories rose by +102 BCF over past 7 days. EU nat gas storage 71% full. Current inventories at 2691 BCF. 23.2% higher than 1 year ago. EU goal is at least 80% full by Nov 1st for winter.

The OPEC+ group gave the go-ahead to lift their oil production targets for September by 100,000 bpd... Today's OPEC+ meeting is the first meeting since the group decided to roll back by the end of August all the cuts from May 2020, when the current agreement started. Analysts had expected the alliance to endorse either flat targets for September compared to August, or a slight increase. Ahead of the meeting on Wednesday, the U.S. Department of the State approved on Tuesday a possible Foreign Military Sale to Saudi Arabia—OPEC's top producer—of PATRIOT MIM-104E Guidance Enhanced Missile-Tactical Ballistic Missiles (GEM-T) and...

U.S. Treasury Secretary Janet Yellen is set to head to Asia next week. One of the topics she will be promoting is a potential cap on Russian oil prices. The Russian oil price cap was one of the main items on the G7 agenda during last month’s meeting of the world’s biggest economies... Yellen will participate in the G20 meeting of finance ministers in Indonesia and also travel to Tokyo and Seoul to make a case for an oil price cap. China is not on her itinerary... The Prime Minister of Japan, Fumio Kishida, suggested earlier this month that the...