Crude Oil Update: EIA reported crude inventories declined 6.2mbls last week, confounding expectations for a 3.2mbl rise. Gasoline stocks also fell 3.2mbls, well above expectation for a 567,000-barrel decline. US inventories have been in decline since the end of August when a tropical storm disrupted deliveries in the Gulf of Mexico. Crude stocks plunged 14.5 mbls in the week to September 2, the largest draw down since 1999. Also US crude imports rose 77,000 barrels per day last week. However, imports to the US Gulf dropped to 2.9mbpd from 3.4 million.
China Update: Chinese Premier Li Keqiang said that China would promote economic development by opening up its economy more widely as experience showed closed door policies only brought stagnation.