REFINING: Dangote RFCC Works Extended to Sep. 3

• US EIA: CRUDE OIL STOCKS EX SPR -3.17M TO 419.0M JUL 18 WK
• US EIA: DISTILLATE STOCKS +2.93M TO 109.9M IN JUL 18 WK
• US EIA: GASOLINE STOCKS -1.74M TO 231.1M IN JUL 18 WK
• US EIA: CUSHING STOCKS +0.46M TO 21.9M BARRELS IN JUL 18 WK
• US EIA: SPR -0.2M TO 402.5M BARRELS IN JUL 18 WK
• US EIA: REFINERY UTILIZATION WEEK CHANGE +1.6% TO 95.5% IN JUL 18 WK

Ahead of next week's Fed decision, we've published our summary of FOMC participant communications since the June FOMC meeting, including MNI's Hawk-Dove Matrix and a recap of the latest Beige Book and June meeting minutes. 

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Eurozone flash consumer confidence was slightly stronger than expected in July, printing at -14.7 (vs -15.0 cons, -15.3 prior) for a four-month high. However, the index remains comfortably below the 2000-2019 average of -10.9.

• Markets will pay more attention to tomorrow’s July flash PMIs for a better gauge of broader economic conditions.
• A reminder that Q2 flash GDP for member states and the Eurozone as a whole are due next Tuesday and Wednesday.  Bloomberg consensus currently places Eurozone GDP at -0.1% Q/Q, notably below the ECB’s +0.2% projection in the June MPR.
• For consumption, analysts pencil in a 1.5% Y/Y reading (vs 1.4% prior), with the ECB projecting a 0.2% Q/Q sequential print.