• Oil rebounded above $40 at press time after EIA data showed a drawdown in oil storage and Hurricane Sally forced offshore platforms offline.
• Citigroup Inc. has a message to cheer up despairing oil bulls: prices will get back to $60 a barrel before the end of 2021. “We’re bullish definitely,” Ed Morse, global head of commodities research at Citi, said in an interview during the S&P Global Platts Asia Pacific Petroleum Conference.
• At a CNN Townhall, Democratic presidential nominee Joe Biden said he would not ban fracking in the United States if he were elected president, refuting repeated false claims by President Donald Trump about his stance on the issue. “I am not banning fracking. Let me say that again: I am not banning fracking,” Biden said in a speech in Pittsburgh.