NEWS

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South Korea reported exports are surging again in the first 20 days of April. The Bank of Korea at it's most recent policy meeting said the recovery of the Korean economy has strengthened somewhat. Exports have sustained their buoyancy and facilities investment has continued to recover robustly.

French oil services company TechnipFMC (NYSE: $FTI) (PARIS: $FTI) today announced it has been awarded a significant subsea contract from Brazilian oil company Petrobras (NYSE: PBR) for the Marlim and Voador fields, located offshore Brazil. 

Fed Chairman Powell comments came across the wires with an unannounced response to Senator Rick Scott (Fla R) that too low inflation harms families and business. On low treasury yields he said they attested to strong global demand for safe liquid assets.

WTI Oil Futures rallied hard after EIA reported a draw in crude of -5890 kbbl (including a 346kbbl build at Cushing).  Gasoline stocks rose  +309kbbl and Utilization recovered another 1% to 85.0%. Production rose 100k to 11,000 kbpd.

The EIA reported a less than expected build of +61 Bcf in gas storage last week following extreme cold weather which warmed up faster than many expected leaving production largely unaffected. The focus is on the reopening, LNG and Mexican exports and the summer outlook for the US.

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