- Oil prices retreated for the third straight trading session as the delta variant continues to spread and cause lockdowns
- China’s retail sales growth and industrial output is slowing as new movement restrictions have started to weigh on the economy
- Oil refining in China has been reduced to the lowest level in 14-months as private operators are forced to scale back (Bloomberg)
- Canada is poised to gain more crude takeaway capacity when a key pipeline starts up as early as next month
- Enbridge's Line 3 oil pipeline that travels from Alberta to Wisconsin will bring relief to Canadian oil sands producers with the new 760 MBbl/d conduit that replaces the older pipe with less capacity (Bloomberg
- The pipe could start as early as September 15
- Outright bullish bets oil WTI from speculators sank to their lowest level since April 2020 (CFTC)
- On a net basis, hedge fund’s long positions were the least bullish in nine months