Energy • US crude oil inventories: API data released yesterday showed that US crude oil inventories surprisingly increased by 1.78MMbbls over the week. If today’s EIA numbers are similar to this, we could see some further downward pressure on prices, with the market expecting the release to show a stock drawdown of c. 3.1MMbbls. • OPEC production: Latest estimates from Bloomberg show that OPEC oil output increased by 210Mbbls/d over July to total 32.66MMbbls/d. The increase, once again, predominantly comes from Libya, where output grew by 180Mbbls/d to 1.02MMbbls/d. Both Saudi Arabia and the UAE increased output by 30Mbbls/d over the month.

Metals • Brazilian iron ore exports: Latest data released from the Brazilian Ministry of Development, Industry and Foreign Trade shows that iron ore exports over July totalled 31.31mt, up 3.5% YoY. Cumulative exports for the first seven months of the year total 215.3mt, up 3.7% YoY. Stronger supply from Brazil is a result of the ramping up of the S11D iron ore mine in the country. • Further Indonesian nickel ore exports: The Indonesian government has issued two more miners in the country with export recommendations for low-grade nickel ore. PT Trimegah Bangun Persada received an export recommendation of c.1.5mt, while PT Gane Permai Santosa received an export recommendation of c.500kt. This takes total export allowances issued so far this year to c.7mt.

Agriculture • Brazilian corn exports: Brazil’s Secretariat of Foreign Commerce reported that Brazilian corn exports totalled c.2.32mt in July, compared to c.1.05mt in the same month last year. Meanwhile, soybean exports for the month totalled c.6.96mt, up Hamza Khan 20% YoY.